Overtime just got a tax twist. Thanks to a new federal law, many workers and employers can now deduct a portion of overtime from their federal taxable income, effective retroactively to January 1, 2025. That’s big news for payroll, employee communications, and year-end reporting. Here at Edgewater CPA Group, our team is breaking it down so you can move from “Wait, what?” to “We’ve got this.”
The American Jobs Plan introduced by the Biden Administration, along with the accompanying Made in America Tax Plan, failed to achieve bipartisan agreement by Memorial Day. As a result, across-the-aisle talks continue in an effort to reach a consensus with regard to infrastructure spending and how to pay for it. Consequently, Edgewater CPA Group shares some of the proposals being discussed, so that you can understand the potential impact of these tax reforms on your business.