In Notice 2025-62, released on November 5, the IRS provided temporary relief to employers and payors for failing to comply with certain reporting requirements added to the Internal Revenue Code by the One, Big, Beautiful Bill Act (OBBBA) in conjunction with sections 224 and 225 of the Internal Revenue Code (see prior coverage).  Subsequently, in Notice 2025-69, the IRS provided guidance to employees and payees as a result of the relief provided by the earlier notice to employers and payors.  Under sections 224 and 225 and subject to certain limitations, employees and payees are entitled to deductions for qualified tips and qualified overtime compensation in the amount employers and payors provide on statements furnished to employees and payees.  As part of that regime, the Act added new information reporting requirements that require employers and payors to report qualified tips and qualified overtime compensation to the IRS.  It also requires third party settlement organizations (TPSO) whose gross payments exceed a certain threshold to report qualified tip information to the IRS.