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Employer Responsibilities Internal Revenue Service Income Taxes

McGlinchey Stafford

Tax Deductions on Tips and Overtime Under Trump Tax Plan

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On July 4, 2024, President Trump signed the “Big Beautiful Bill,” which contains two provisions that provide federal income tax deductions on both tips and overtime compensation beginning January 1, 2025, through December 31,...more

Haynes Boone

The One Big Beautiful Act Explained for Employers: What It Means for Overtime, Tips and Taxes

Haynes Boone on

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law. It includes two federal tax deductions for a portion of an eligible worker’s tips and overtime earnings. Effective for 2025 through...more

Akerman LLP - HR Defense

What Employers Need to Know About No Tax on Tips and No Tax on Overtime

The “One Big Beautiful Bill Act” (OBBBA), the sweeping, comprehensive budget legislation enacted on July 4, 2025, seeks to fulfill several key campaign promises of President Donald Trump. Among those promises, the OBBBA makes...more

McAfee & Taft

OBBB’s new tax deductions on tips and overtime impact employees and employers

McAfee & Taft on

Earlier this month, President Trump signed the “One Big Beautiful Bill” (OBBB) into law, which contains two key provisions that are likely to be very popular with employees. Those provisions provide federal income tax...more

Whiteford

Employment Law Update: New Overtime Tax Law Increases Employer Recordkeeping Obligation

Whiteford on

The Administration’s “Big Beautiful Bill” includes a new overtime tax provision, broadly described as “No Tax on Overtime.” More accurately, the Bill allows an employee tax deduction of a portion of overtime payments, up to a...more

Littler

Employers May Offer a New Benefit Through “Trump Accounts”

Littler on

The One Big Beautiful Bill Act (OBBBA), which was signed into law on July 4, 2025, establishes the pilot program for the “Trump account,” an investment account for U.S. citizens under age 18 with a social security number....more

Jenner & Block

Client Alert: “Trump Accounts” – Tax-Advantaged Savings Accounts for Children

Jenner & Block on

On Friday, July 4, President Trump signed into law the One Big Beautiful Bill Act (H.R. 1) (“Big Beautiful Bill”) after narrow approval from both houses of Congress. The legislation extends the Tax Cuts and Jobs Act and...more

Conn Maciel Carey LLP

The One Big Beautiful Bill’s Overtime and Tax Provisions – Employer Consequences

Conn Maciel Carey LLP on

As we await the House of Representatives’ vote on the One Big Beautiful Bill, let’s highlight two key provisions that may soon impact employers and employees alike. The Senate bill under consideration before the House of...more

Burr & Forman

Are Overtime Wages and Tips Exempt From Income Tax? What Employers Need to Know to Prepare

Burr & Forman on

Join Carlton Hilson and Amy Jordan Wilkes as they discuss the recent proposals that aim to eliminate federal taxes on overtime pay and tips and what this means for employers....more

Cole Schotz

RetireReady NJ: Reminder About The Requirements Under The New Jersey Secure Choice Savings Program Act

Cole Schotz on

Employers with at least 25 employees in New Jersey that do not already offer a qualified retirement plan to employees must take action to facilitate the RetireReady NJ Retirement Savings Program (“RetireReady NJ”)....more

Dickinson Wright

Employer-Provided Gifts: Taxable or Not?

Dickinson Wright on

As we approach the holiday season, many employers consider giving employees a gift as a token of appreciation. What employers may not consider is whether those gifts create taxable income to employees....more

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