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OBBBA and Employer Responsibilities: Preparing for New Tip and Overtime Deductions
The One Big Beautiful Bill Act (OBBBA) introduces significant new deductions for workers beginning in tax year 2025: A deduction of up to $25,000 for qualified tips in certain occupations A deduction of up to $12,500 ($25,000 for joint filers) for the overtime premium portion of pay While these benefits are welcome for employees, the way they are being rolled
Does Your 401(k) Plan Require an Audit? Here’s What You Need to Know
As a business grows and its retirement plan matures, the question often arises: “Do we need a 401(k) audit?” The answer depends on a few key factors, including the number of participants in your plan and specific IRS and Department of Labor (DOL) regulations.
How the Build It in America Act May Affect Your Business
On June 13, the United States House Committee on Ways and Means, the chief tax-writing committee in the House of Representatives, passed the Build It in America Act (H.R. 3938). According to the Ways and Means Committee, this legislation would “counter China’s growing global economic influence by restoring American business competitiveness, securing global supply chains, and prohibiting U.S. foreign land
Preparing to Apply for the Restaurant Revitalization Funding Grant
In review of 2020, the National Restaurant Association found that the industry ended the year $240 Billion below pre-pandemic forecasts of sales. Because of this outsized impact, restaurants have received additional industry specific funding from Congress as part of the American Rescue Plan Act to help get them closer to becoming whole. This grant will be available directly through the
SBA Opens Second Round of PPP Applications
On Saturday, January 9th the Treasury and the SBA released new PPP guidance and application forms. The new guidance includes overviews of the First and Second PPP draws and the Revised PPP1-Borrower-Application-Form and Second-Draw-Borrower-Application-Form.
