News & Analysis as of August 24, 2025

Tax Reform

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Tax Deductions on Tips and Overtime Under Trump Tax Plan

McGlinchey Stafford on 8/14/2025

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

“One Big Beautiful Bill Act” Tax Deductions

Bond Schoeneck & King PLLC on 7/18/2025

July 17, 2025 By: Erin M. Callahan and Hilda (Hildy) Marinello Curtin On July 4, 2025, President Donald J. Trump signed the “One Big Beautiful Bill Act” into law. The Act contains hundreds of provisions, including new tax...more

It’s Official - No Tax on Tips, No Tax on Overtime Through 2028

Ogletree, Deakins, Nash, Smoak & Stewart,... on 7/10/2025

One of President Donald Trump’s 2024 campaign messages was a promise to implement a no-tax-on-tips and no-tax-on-overtime law. On July 3, 2025, the U.S. Congress passed the “One Big Beautiful Bill,” and President Trump signed...more

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

Littler on 7/7/2025

On July 3, 2025, the U.S. House of Representatives narrowly passed H.R.1, the so-called “One Big Beautiful Bill Act,” ending a dramatic journey through Congress that dominated headlines in recent weeks. President Donald J....more

House and Senate Overtime and Tip Tax Proposals: What Employers Need to Know

Fox Rothschild LLP on 5/29/2025

Competing House and Senate bills have the potential to reshape how the IRS taxes tips and overtime wages. The Senate recently passed the “No Tax on Tips Act” while the House budget reconciliation bill proposes deductions for...more

How Will Federal Bills Eliminating Tax on Tips and Overtime Impact Employers?

Jackson Lewis P.C. on 5/27/2025

Tax breaks on overtime pay and tipped earnings passed the House on May 22, 2025, as part of the “One Big Beautiful Bill Act” (H.R. 1). The tax deductions provided under the sprawling reconciliation bill would be temporary,...more

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