Tag: big beautiful bill

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (the “OBBBA”), which has introduced major changes to the U.S. Internal Revenue Code (the “IRC”). Many of these changes extend President Trump’s 2017 tax cuts that were set to expire, and the OBBBA also includes new tax cuts and deductions that could impact […]

The One Big Beautiful Bill Act (the “Act”), signed into law on July 4, 2025, established a new deduction regime on overtime pay and tips that has garnered significant attention. Workers can now deduct up to $12,500 in overtime pay and up to $25,000 in reported tips when filing their federal tax returns. Workers will not see the impact of this law change until filing their […]