ACPEN: New Tips and Overtime Tax Rules: Compliance and Best Practices

Overview

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.

Highlights

• 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

Prerequisites

Basic knowledge of business taxation

Designed For

CPAs, enrolled agents, payroll specialists and members in industry seeking an in-depth overview of tips and overtime reporting rules

Objectives

• Apply new OBBA rules for reporting tips and overtime wages
• Identify key compliance issues
• Identify common compliance pitfalls and planning strategies

Preparation

None