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IRS Updates FAQs on the Qualified Overtime Compensation Deduction: Compliance Obligations for Employers

By , and 9 Mins Read

On August 6, 2026, the IRS released Fact Sheet FS-2026-13, substantially revising and replacing FS-2026-01, its January 2026 guidance on the new deduction for qualified overtime compensation enacted by the One Big Beautiful Bill Act (OBBBA). The revised guidance reflects the transition from the temporary 2025 reporting relief period to a more formal compliance regime applicable for tax years 2026 through 2028.  As a reminder, the IRS provided transition penalty relief for tax year 2025…

France: Year-End Tax Reporting Obligations for Employee Share Plans (2025 Fiscal Year)

By and 5 Mins Read

Employer reporting obligations relating to French-qualified awards For French-qualified1 stock options or BSPCEs2 exercised in 2025 and French-qualified RSU vested in 2025, the French employer must prepare an individual statement with the exercise/vesting data to be provided to the beneficiary no later than March 1, 2026. This individual statement has to be used by the beneficiary to report their taxable income in their French annual income tax return due in May/June 2026 if they have sold the shares acquired pursuant…

Annual Filing & Reporting Requirements for Global Employee Share Plans (2025-2026)

By and 1 Min Read

It is almost the end of the calendar year and time for multinational companies to consider the necessary tax and regulatory filings for global share plans triggered by the close of 2025 (or by the end of a local tax year or company fiscal year different from the CY).As you consider the steps your company may need to take to start the new year right, please see our Annual Equity Awards Filing Chart, which describes key employee share plan filing and…

One Big Beautiful Bill Act Introduces New Excise Tax on Remittance Transfers

By , and 11 Mins Read

The One Big Beautiful Bill Act, enacted as Public Law 119-21 on July 4, 2025, introduces new section 4475,i which imposes a 1% excise tax on remittance transfers made after December 31, 2025. The provision was initially touted as one that “Makes America Win Again,” because it would affect only certain immigrants. As enacted, however, the excise tax applies equally to all individual taxpayers, whether US citizen, resident, or immigrant. It is unclear just how…

No Tax on Tips or Overtime in the OBBBA: What Employers Need to Know

By , , and 1 Min Read

On July 4, President Trump signed the ‘One Big Beautiful Bill Act’ into law, including provisions reducing federal income tax on qualified tips and overtime compensation. For employers, the new law raises a host of practical questions: In this video chat, our Employment & Compensation and Tax partners unpack this significant development in federal tax policy. Tune in to discover what these changes may mean for your operations, and for practical tips to navigate the new law.…

Senate Passes No Tax on Tips and Overtime Provisions

By and 9 Mins Read

Overview We reported in May on the provisions in the House’s One Big Beautiful Bill addressing two of President Trump’s campaign promises – no taxation of tips and overtime.  The Senate has now passed its version of the One Big Beautiful Bill, which includes its version of these provisions in sections 70201 and 70202.  See our prior blog post here for a detailed discussion of the House provisions.  While the basic structure of the provisions…

No Tax on Tips and Overtime Campaign Promises Take Shape in “One, Big, Beautiful Bill”

By and 7 Mins Read

Overview Above-the-line deductions for qualified tips and qualified overtime While we do not often report on proposed legislation, two provisions in the bill the House Ways and Means voted out of Committee on May 14th (and which was voted out of the House Budget Committee on May 18th) are worthy of attention, as they reflect how two of President Trump’s campaign promises are beginning to take shape. Sections 110101 and 110102 of the Ways and Means…

Singapore: Tax Deduction Available for Awards Settled with Newly Issued Shares

By , , , and 4 Mins Read

The Singapore Budget 2025 is introducing a welcome change to the requirements for obtaining a tax deduction for share-based awards granted to employees in Singapore. With effect from the Year of Assessment (YA) 2026, a tax deduction for such awards will be available also for awards that are settled with newly issued shares, not just treasury shares. Additional clarifications from the Inland Revenue Authority of Singapore (IRAS) on the specific requirements and timing for the…

How Employers Can Help Employees Affected by the Wildfires Tax-Free

By 14 Mins Read

The wildfires in Los Angeles County have wreaked devastation in the area, with thousands of homes and other structures, vehicles, and more destroyed by the worst wildfire in L.A. history. In response, on January 8, 2025, President Biden approved a Major Disaster declaration for California, allowing impacted communities and survivors to immediately access funds and resources to jumpstart their recovery. As it stands, impacted individuals are in need of funds, housing, food, clothing, medical care,…

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