News & Analysis as of

Tax Reform FICA Taxes

Husch Blackwell LLP

Important New Reporting Rules for Overtime Pay and Tipped Income

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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

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

Foley & Lardner LLP

Mandatory Roth Catch-up: More than Meets the Eye

Foley & Lardner LLP on

In January, the Department of the Treasury (“Treasury”) and Internal Revenue Service (IRS) issued proposed regulations on the catch-up contribution provisions under the SECURE 2.0 Act of 2022 (“SECURE 2.0”). While the...more

McDermott Will & Schulte

Employers Be Forewarned and Forearmed: Recent IRS Announcements Require Action on ERTC Claims

Promoters and tax advisors have extensively marketed the Employee Retention Tax Credit (ERTC) as a way for employers to reclaim Federal Insurance Contributions Act (FICA) payroll taxes paid during the first two years of the...more

Flaster Greenberg PC

House Tax Bill: What You Need To Know

Flaster Greenberg PC on

The House of Representatives Joint Committee on Taxation released its highly anticipated synopsis of the colloquial “tax bill.” Bill JCX-43-21 is the latest piece of legislation in a flurry of recent legislative activity...more

Cozen O'Connor

2018 Year-End Tax Update – The Long Goodbye

Cozen O'Connor on

Thanksgiving, 2018 – Bucks County, Pa. - A Brief Look Back - I always know summer is over when I sit down to draft our annual Year-End Tax Update because the leaves are brown, the sky is gray, Rita’s water ice shop is...more

McDermott Will & Schulte

Impact of Tax Reform on Compensation Structures and Popular Fringe Benefits

US tax reform is changing the game with respect to many of the popular benefits employers have traditionally provided to their employees. These new rules have produced a great deal of questions. However, while the Internal...more

Burr & Forman

The New Section 199A 20% “Profit Deduction” for Pass-Through Businesses: The Undecided Issue of Owner Compensation

Burr & Forman on

Under the Tax Cuts and Jobs Act, Congress is now offering a new 20% deduction for “pass-through” businesses – i.e. businesses that are not corporations. With the corporate tax rate being reduced under the new law to a flat...more

Pillsbury Winthrop Shaw Pittman LLP

Five Things Employers Should Know about Tax Reform

With the enactment of the Tax Cuts and Jobs Act comes sweeping changes to executive and equity compensation and employee benefits. Employers should evaluate whether they will be subject to the $1 million tax deductibility...more

Baker Donelson

Major Changes in Taxation of Business Under Tax Cuts and Jobs Act: Is Pass-Through Right for You?

Baker Donelson on

Effective for tax years beginning in 2018, the tax rates for C corporations will be reduced from 35 percent to 21 percent. The stated top rate for individuals, trusts and estates, including owners of pass-through businesses,...more

Bradley Arant Boult Cummings LLP

Third Time’s a Charm: Governor Bentley and Legislature Reach Budget/Tax Compromise

Summary - Governor Robert Bentley called a second special session of the Alabama Legislature on Tuesday, September 9 at 5 p.m. to address the FY 2016 General Fund budget and associated revenue measures. After meeting for...more

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