The “One Big Beautiful Bill,” formally known as the One Big Beautiful Bill Act (OBBBAA), significantly impacts the workplace through tax cuts, changes to deductions, and potential impacts on employment and the economy. It extends or modifies elements of the Tax Cuts and Jobs Act (TCJA) and introduces new provisions like no tax on tips and overtime pay, while also impacting payroll and HR departments due to the need to track and report these changes.
The “One Big Beautiful Bill Act” is a comprehensive piece of legislation with significant implications for the American economy and the workplace. It aims to boost the economy through tax cuts and business incentives, but it also introduces changes to federal spending programs and potentially increases the national debt, says the Committee for a Responsible Federal Budget. Both employers and employees will need to adapt to the changes introduced by this bill.
Areas to be covered include, without limitation:
- Learn what the OBBBA states and when it will start
- Learn how the workplace will be impacted by this new law
- Learn how the “No taxes on Overtime and Tips actually will work and how long it will last
- Learn how the tax provisions will help small businesses and some industries
- Learn how payroll will need to be adjusted to track how tips and overtime are tracked and the increase in HR/payroll administrative work.
- Learn how job growth will be increased and in which industries
- Learn how increased deductions will be a benefit for small businesses and partnerships
- Learn about the challenges with Medicaid cuts and how Employers can mitigate them
- Learn how the IRS tax codes will change to accommodate the new provisions
Why You Should Attend:
This overview will provide Employers with the information they need and should prepare them for what the new OBBBA is and how it impacts the workplace. Many of the laws will impact employees as well as Employers. This training will identify all the twists and turns of how the law will impact Employers, and they need to quickly explain how these taxes will play out to gain the positive aspects of the law while downplaying the negative implications. The One Big Beautiful Bill is a comprehensive piece of legislation with significant implications for the workplace. While it offers potential benefits like increased take-home pay and job creation, it also presents challenges for employers in terms of payroll administration and navigating new tax regulations.
Who Will Benefit:
- All Employers
- Business Owners
- Company Leadership
- Compliance professionals
- HR Professionals
- Managers/Supervisors
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