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Action Required: Updates for Federal Reporting Requirements Under OBBBA-1 and Secure Act 2.0
This notice applies to customers who use SuitePeople U.S. Payroll. The One Big Beautiful Bill (OBBBA-1), and Section 603 of the Secure Act 2.0 will have significant impact on payroll operations. Below will outline steps that are necessary to prepare.
What is Changing?
The following summarizes upcoming updates under the OBBBA-1 and Secure Act 2.0.
- Under OBBBA-1, employees may take federal tax deductions for qualified tips and overtime compensation retroactively to January 1, 2025.
- Eligible items include qualified tips and overtime, according to criteria in the law.
- For tax year 2025, the IRS (Internal Revenue Service) allows employers to report these amounts in Box 14 of Form W-2 or by providing a separate statement to employees.
Regards,
@Robert Nedelkow-Oracle | NetSuite Support Community Administrator
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