Updated W-2 Tax Form: Tax Deductions on Qualified Tips and a Portion of Overtime Pay
UPDATE TO LAKE EFFECT’S AUGUST 27, 2025 BLOG ON THIS TOPIC In July 2025, the Trump Administration’s signature budget bill became law as Public Law 119-21. Of note for employers and employees, the bill permits tax deductions for “qualified tips” and a portion of overtime pay, as detailed in this IRS Fact Sheet. In August, […]
Tax Deductions on Qualified Tips and a Portion of Overtime Pay
In July 2025, the Trump Administration’s signature budget bill became law as Public Law 119-21.
Trump Era Proposed Overtime Rule: Hurry Up and Wait
Trump Era Proposed Overtime Rule: Hurry Up and Wait On March 7, 2019, the Department of Labor released a Proposed Overtime Rule that would increase the salary level threshold for positions that are exempt from the overtime provisions of the FLSA from the current $23,660 per year ($455 per week) to $35,308 ($679 per week). […]
