The One Big Beautiful Bill Act (OBBBA) introduced two new, retroactive, and temporary federal income tax deductions starting in the 2025 tax year (and currently through 2028) applicable to employees who receive qualified tips or qualified overtime compensation. Under IRS guidance, employers are not required to change how they report pay for 2025. Due to […]

Independent contractors are an important part of many businesses. As of 2022, there were 31.9 million contractors in the US. However, qualified independent contractors are located worldwide, so you don’t even have to stay within the US when expanding internationally Accede al recurso  completo Fuente: Remote

The White House on May 19, 2026, issued Executive Order 14406, “Restoring Integrity to America’s Financial System.”[1] It directs the U.S. Treasury Department and other federal financial regulators to review policies and consider changes that would strengthen customer identification requirements for financial institutions and increase scrutiny of financial activities associated with payroll tax evasion, the […]

The U.S. Department of the Treasury and the IRS recently released final regulations for the qualified tips deduction under Section 224, commonly referred to as the “no tax on tips” provision enacted under the One Big Beautiful Bill Act (OBBBA). The final regulations define “qualified tips” and identify occupations that customarily and regularly received tips […]

Section 530A accounts, commonly known as Trump accounts, are early childhood savings vehicles intended to give children a head start for a secure financial future. Starting on July 4, 2026, contributions to these accounts can be made by individuals, employers, government entities and charities, but families must set up a child’s account first.   Accede […]

Immigration and Customs Enforcement (ICE), in a “fact sheet” available on its website, has made a significant change to the way it conducts I-9 audits. Specifically, ICE has broadened what it considers to be a “substantive” violation on an I-9. This change is likely to increase the financial penalties employers face during an audit, impacting […]

On March 25, 2025, President Trump signed an Executive Order to modernize how the government handles money—switching from paper-based payment to electronic payment. The Order mandates that effective September 30, 2025, the federal government will cease issuing paper checks for any disbursements, including tax refunds. Additionally, payments made to the federal government must also be […]

The U.S. Treasury Department (Treasury) and the Internal Revenue Service (IRS) released proposed regulations providing rules and definitions related to the new one percent excise tax, enacted in the One Big Beautiful Bill Act (OBBBA), on certain remittance transfers that occur after December 31, 2025   Accede al recurso completo Fuente: KPMG