Qualified Tips and Overtime Compensation Under the OBBA: 2026 Information Return Revisions and Reporting Requirements

Duration: 90 minutes

Speaker: Patrick A. Haggerty, EA

CREDITS:

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ABOUT THE EVENT

The One Big Beautiful Bill Act created income tax deductions for individual taxpayers for certain tip income and overtime compensation. The Act defined tips and overtime pay that qualifies for the deductions along with additional recordkeeping and reporting requirements for employers and issuers of information returns reporting tips or overtime compensation.

Why You Should Attend

The One Big Beautiful Bill Act introduced major changes to information return reporting to accommodate the deductions for overtime and tips (no tax on overtime and no tax on tips) provisions of the Act. While the deductions do not affect the tax returns of the payers/employers, they do require accurate determination of qualified tips and overtime, accurate recordkeeping, and accurate reporting of overtime compensation and reported tips and impose penalties for inaccurate information returns.

Learning Objectives

Know which tips and overtime pay qualify for the deductions and which do not
Understand how to properly compute qualified overtime compensation
Understand the record keeping requirements
Know which occupations qualify for the tip deduction
Know the difference between reporting qualified amounts for 2025 and 2026
Be aware of updates to 2026 information returns for reporting tips and overtime
Be aware of potential penalties for incorrect reporting of qualified tips or qualified overtime

Areas covered

2026 updates to Forms W-2, 1099-MISC, 1099-NEC, and 1099-K
Definition of qualified tips
Occupations that qualify for the qualified tips deduction
Definition of qualified overtime compensation
How to compute qualified overtime compensation
Recordkeeping requirements – separate stating of qualifying compensation
Penalties for incorrect reporting

Who Should Attend

CFOs and controllers
Accounting managers
Accounts payable and payroll professionals
Employers and Business owners
Public accountants, CPAs and Enrolled Agents

Speaker(s)

Patrick A. Haggerty, EA

Pat Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.

CEUs

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Credits: 1.5

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Credits: 1.5

Compliance Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: https://www.nasbaregistry.org.

Credits: 1.5

Credits: 1.5

In accordance with the standards set forth in Circular 230 section 10.6, CE Credits have been granted based on a 50-minute contact hour.

Credits: 1.5

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