OBBB Tax Credits and Deductions: What Employers Need to Know

OBBB Tax Credits and Deductions: What Employers Need to Know

What Do Employers Need to Know About OBBB Tax Credits and Deductions? In July, the “One Big Beautiful Bill Act” (OBBBA) was signed by the President. This new law includes significant changes impacting employers. These changes cover employee deductions for tips and overtime, and they expand the paid family and medical leave tax credit. In summary, the new legislation includes the following changes for employers: Tax deduction for employee tips u…

Will New Gambling Tax Rule Spur Migration To Prediction Markets?

Unless it’s repealed, a new tax provision capping the losses gamblers can deduct at 90% takes effect on Jan. 1, 2026. Meanwhile, prediction markets are rising in prominence. A potential result of this dynamic: A migration of big gamblers — professionals and whales, alike — from regulated sportsbooks to prediction markets in the new year. While debate intensifies about whether trading on prediction markets is betting or investing, many gamblers i…