A new announcement from the IRS could mean many Americans will receive a higher tax refund next year, as they collect tax breaks included in President Donald Trump 's One Big Beautiful Bill Act.

Why It Matters

The bill, signed into law last month by Trump , includes sweeping changes to the U.S. tax code, including measures that would eliminate tax for wages earned by tips and overtime. This has created challenges for employers tasked with withholding taxes on these wages. On Thursday, the IRS made an announcement that withholding levels should stay the same to allow more time to adjust to changes in the bill.

What To Know

The IRS wrote in the announcement that "as part of its phased implementation of the One Big Beautiful Bill Act, there will be no changes to certain information re

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