This program provides a comprehensive overview of the latest rules and regulations governing tips, overtime pay, and related tax obligations. Participants will learn how to calculate, report, and withhold taxes on tips; apply new overtime rules; and ensure compliance with the new federal law. **Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to terri.storer@acpen.com.
Learning Objectives
Apply new OBBA rules for reporting tips and overtime wages Identify key compliance issues Identify common compliance pitfalls and planning strategies
Major Topics
Updated OBBA guidance on tip reporting and allocation Qualifying tip requirements Self-employment and qualified tips Employer and employee tax responsibilities for tipped wages Overtime pay deduction Tip and overtime information returns
