#onebigbeautifulbill, #OBBB, #notaxontips, #notaxonovertime, #OBBBB, #taxlaw2025
In this video, I’m breaking down 3 important tax changes from the new One Big Beautiful Bill (OBBB), also known as Public Law 119-21, that will directly affect bookkeepers, payroll, 1099 reporting, and your clients. Signed into law on July 4, 2025, this bill includes new deductions and reporting rules that every bookkeeper needs to understand about no tax on tips, no tax on overtime, and 1099 reporting changes.
Download a quick summary here
CHAPTERS:
0:00 Introduction
0:55 #1 – No tax on tips
2:08 #2 – No tax on overtime
3:24 #3 – Changes to 1099 reporting
5:23 What's next?
6:06 Closing and resources
🔽 Helpful Links & Resources
📚 Journal of Accountancy summary of the One Big Beautiful Bill:
bit.ly/OBBBTax
📖 Read the bill on Congress.gov:
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Disclaimer:
The information in this video is for educational purposes only. It is not intended as legal, tax, or accounting advice. Please consult with a qualified professional for advice specific to your situation.
Copyright:
© 2025 Veronica Wasek – 5MB LLC. All rights reserved.
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Thank you Veronica! You are on top of all things to help bookkeepers!
Happy to help!
Thank You!
You’re welcome!
New $2000 treashold does not readuce the amount of work for us. We still need to request w9 for every new vendor since we do not knwo if the treshold will be met or not.
Yes and less 1099 forms will need to be filed. But you’re right, it does not affect w-9s and the work bookkeepers have to do.
If you make sure the W9 is being requested as soon as the new vendor starts to work with your client, then it really isn’t more work.
Thank you!
You’re welcome! Thanks for watching!
Thank you Veronica!
You’re welcome!
Thanks for the info. That was very well presented and very easy to understand. Take care.
Glad it was helpful!
Wait, I thought Democrats told us this bill only bailed out “the rich”?
In fact, tax incentives are targeted on lower bracket earners.
Thanks for your comment. I’m just trying to provide helpful information. I’ll avoid commenting on politics.
Thank you for the breakdown! I am excited for all of these changes. Especially for the raise in amount 1099 requirements!
You’re welcome. Yes, the 1099 changes are very exciting!
When will IRS & Ebay, Etsy..etc update their 1099k threshold to 20k vs $2,500 on their website? I thought the 20k is now retroactive vs starting 2026. Thanks
That’s a great question. I would expect that they will do it soon. The law is relatively new.
Loved your videos so much😍— and the editing’s so clean! Do you edit them yourself or work with someone?
Thank you. I use beCreatives for editing. They provide a great service.
Thank you, Veronica. This is so helpful. Very much appreciated!
You are welcome!