IRS Releases Schedule 1‑A Providing Reporting Framework for New “No Tax” Deductions Affecting Employers and Auto Lenders

On March 2, 2026, the Internal Revenue Service released Schedule 1‑A (Form 1040) and accompanying updates to the Form 1040 Instructions implementing several new individual tax deductions enacted under the reconciliation legislation commonly referred to as the One, Big, Beautiful Bill Act. Although the deductions—for tips, overtime compensation, and passenger vehicle loan interest, as well as an enhanced deduction for seniors—are claimed solely by individual taxpayers, the structure of Schedule... By: Krieg DeVault