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New Legislation Reporting Requirements Tax Deductions

Pillsbury Winthrop Shaw Pittman LLP

Navigating Tip and Overtime Deductions Under the OBBBA: What Employers Need to Know Now

New federal tip and overtime deductions effective in 2025 require employers to reassess payroll, reporting and compliance practices across jurisdictions. The OBBBA introduces new federal deductions for qualified tips and...more

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

Womble Bond Dickinson

Unlocking Savings: New Tax Breaks for Overtime and Tips - What Employers Need to Know

Womble Bond Dickinson on

In a sweeping move set to reshape employee paychecks, the newly enacted One Big Beautiful Bill Act (OBBBA) introduces two significant federal tax deductions for hourly workers: one for overtime pay and another for tip income....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

Husch Blackwell LLP

Important New Reporting Rules for Overtime Pay and Tipped Income

Husch Blackwell LLP on

With the passage of the new federal tax bill on July 4, 2025, unofficially referred to as the One Big Beautiful Bill Act (OBBBA), employers and employees in overtime-heavy and tipped industries face new opportunities and...more

Foley & Lardner LLP

Overcomplicating Overtime: How Employers Need to Assess the One Big Beautiful Bill’s Overtime Tax Changes

Foley & Lardner LLP on

One of the fastest trending topics in the employment and taxation blogosphere in recent weeks has been the passage of the One Big Beautiful Bill Act (OBBBA), which, among other provisions, allows for a tax deduction of up to...more

Keating Muething & Klekamp PLL

Two Big Beautiful Tax Deductions: What Employers Need to Know

On July 4, 2025, President Donald Trump signed the “One Big Beautiful Bill” into law. Among its sweeping provisions are two significant changes for wage and hour compliance that employers should be aware of: the creation of...more

Sheppard Mullin Richter & Hampton LLP

What Employers Should Know About the One Big Beautiful Bill Act (OBBBA)

On July 4, 2025, H.R.1, or what is being called the One Big Beautiful Bill Act (“OBBBA”), was signed into law, introducing major reforms in tax and employee benefits that affect businesses and their employees. OBBBA is an...more

Kohrman Jackson & Krantz LLP

Part Two: One Big Beautiful Bill Act – Impact on Employers and Employees

Signed into law on July 4, 2025, the One Big Beautiful Bill Act (OBBBA) introduces several changes affecting workplace tax treatment and employee benefits....more

Jackson Lewis P.C.

Federal OBBBA Round-Up: What Employers Need to Know Now

Jackson Lewis P.C. on

President Donald Trump signed H.R. 1, “One Big Beautiful Bill Act” (OBBBA), on July 4. The OBBBA affects a wide range of workplace issues, including immigration, benefits, and employment tax liabilities. Below is only a brief...more

Seyfarth Shaw LLP

1 Big Bill + 2 New Deductions = Multiple New Challenges

Seyfarth Shaw LLP on

The freshly enacted “One Big Beautiful Bill” introduces two above-the-line tax deductions for tips and overtime wages. While these deductions offer potential savings for eligible workers, they come with new compliance...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

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

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

Amundsen Davis LLC

How the Big Beautiful Bill Will Impact Your Employee Benefits and Compensation Strategy

Amundsen Davis LLC on

The Big Beautiful Bill, signed into law by President Trump on July 4, 2025, spans nearly 900 pages and touches numerous aspects of federal policy. Nestled within this lengthy legislation are employee benefits provisions that...more

Littler

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

Littler on

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

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

Fox Rothschild LLP

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

Fox Rothschild LLP on

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

Amundsen Davis LLC

No Tax on Tips Act: How Taxpayers Can Prepare

Amundsen Davis LLC on

Tipping has been part of the modern-day American restaurant experience for decades. Like most forms of income, these tips are taxable and subject to income tax. But what if this income was free from income tax liability?...more

Sullivan & Worcester

Employment & Benefits News and Developments

Sullivan & Worcester on

NEW TAX LAW MAKES CHANGES TO COMMUTING BENEFITS - ...The Tax Cuts and Jobs Act of 2017 (“TCJA”) generally eliminates employer deductions for commuter transportation and parking fringe benefits. This includes deductions...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Interagency Statement on Accounting and Reporting Implications of the New Tax Law - On January 18, 2018, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal...more

Herbert Smith Freehills Kramer

SEC Releases Guidance on Near-Term Disclosure Regarding Effects of New Tax Law

The tax reform signed into law by President Trump on Dec. 22 (the Tax Act) presents public companies with several accounting and disclosure challenges. Although companies are still evaluating how they will be affected by the...more

Stinson - Corporate & Securities Law Blog

New Tax Act Disclosures, Explanations and Examples

Disclosures regarding the new tax act, often referred to as the Tax Cuts and Jobs Act or TCJA, continue to be prominent in SEC filings. Set forth blow is an explanation of the often obscure GAAP accounting driving many of the...more

Cohen & Gresser LLP

The Tax Cuts and Jobs Act Meets Public Company Reporting

Cohen & Gresser LLP on

Accounting for income taxes can be complex and is seldom exciting. Suspense was added, however, by the passage of the Tax Cuts and Jobs Act shortly before year end 2017. Would public companies have enough time to analyze the...more

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