Florists In, Accountants Out of Luck for Tips Tax Break (1)

Florists can newly cash in for new tax break on tips but accountants are out of luck in finalized IRS rules laying out workers eligible for the benefit from the GOP tax-and-spending law.

Workers from influencers to home repair employees earning tipped income can deduct up to $25,000 a year under a massive tax-and-spending cut package enacted in July. Republicans are hoping the benefit will bolster the law’s popularity and buoy them in the mid-term elections.

The final rules (RIN: 1545-BR63) define a qualified tip to include tips paid in cash or equivalent medium and given by a customer or ...