On July 4, President Trump signed the ‘One Big Beautiful Bill Act’ into law, including provisions reducing federal income tax on qualified tips and overtime compensation.
For employers, the new law raises a host of practical questions:
- What do employers need to track and report?
- How will payroll systems need to adapt?
- What guidance can we expect as we move forward?
- How might state tax rules interact with these federal changes?
In this video chat, our Employment & Compensation and Tax partners unpack this significant development in federal tax policy. Tune in to discover what these changes may mean for your operations, and for practical tips to navigate the new law.
Click here to view the video.