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Recently, the Joint Committee on Taxation (a committee of the U.S. Congress) published the “General Explanation of the Tax Provisions of Public Law 119-21,” also known as the “One Big Beautiful Bill.” As the one-year anniversary of the bill’s enactment approaches, here are key provisions of the law every staffing firm should know.
No Tax on Overtime. Effective for tax years 2025 through 2028, individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate, basically