Discussions
Join us for complimentary one-day events around the world and step into a future fueled by AI and limitless potential. Explore new breakthroughs, sharpen your skills, and connect with experts who are shaping what’s next. Experience bold keynotes, interactive learning, and connections that span the global NetSuite community. Discover what's next at SuiteConnect Tour 2026.
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
Expand your NetSuite knowledge by joining this month'sAsk A Guru Live about Advanced Accounting.
RSVPfor thiseventnow!
In case you know someone who is new to NetSuite, we encourage you to direct them to our newly launched "New to NetSuite" page. This page is specifically designed to offer them information and guidance and help them make the most out of their NetSuite journey. Click here for more details.