August 17, 2026

Live Webcast

NASBA 6

Taxation of Tips, Overtime, and Trump Accounts Under OBBBA Webcast

August 17, 2026
Live Webcast
NASBA 6
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    Instructor

    John
    Kilroy

    View Bio

    Mr. John Kilroy

    Bio
    John Kilroy is a managing member of iValue Financial Planning LLC, located in the Philadelphia, Pennsylvania area. John engages clients in financial and tax planning, as well as preparing tax returns for individuals, corporations, partnerships, estates, and trusts. John is a CPA and a CFP? practitioner. He is a 1979 graduate of Villanova University with a BS in Accounting. John is a member of the Pennsylvania Institute of Certified Public Accountants and the Financial Planning Association (FPA). Within the FPA, John has served as a board member of the Philadelphia Tri-State chapter and on its education and finance committees. John is an adjunct faculty member for the Temple University Certificate of Financial Planning Program. He is a frequent speaker and facilitator on tax and financial planning topics. John has been quoted in the Wall Street Journal, MarketWatch.com, and USATODAY.com. He has written for the Journal of Financial Planning, and is a contributor to Retirement Weekly. John has also discussed financial and tax planning issues on various radio outlets.
Arguably the most discussed topics to come out of the One Big Beautiful Bill Act (OBBBA) are the taxation of tips, overtime, and the creation of new savings vehicles known as Trump Accounts. Accounting and finance practitioners need to understand these provisions now. This program provides practitioners with the background currently available to advise clients regarding these important and evolving tax developments.

Learning Objectives

  • Expertly advise clients regarding the taxation of tips and overtime emanating from OBBBA
  • Identify the requirements for establishing a Trump Account under IRC § 530A
  • Distinguish between the Trump Account structure and the pilot contribution program under IRC § 6434
  • Determine eligibility for both account establishment and pilot program contributions
  • Apply contribution rules, including employer contributions and aggregate limits, to client scenarios
  • Evaluate the tax treatment of contributions and distributions from Trump Accounts
  • Recognize investment limitations and operational rules during the growth period
  • Analyze how Trump Accounts compare to other savings vehicles for planning purposes

Major Topics

  • $12,500 deduction per individual for qualified overtime pay
  • Payment of overtime under the Fair Labor Standards Act (FLSA)
  • Calculating the “premium portion” of the extra half-time pay
  • Social Security and Medicare withholding
  • Employer furnishing the record of qualified overtime compensation to employees
  • Definition of a qualified tip
  • IRS list of traditionally-tipped occupations
  • $25,000 deduction for reported tips
  • The transition rule allowing employers to indicate the approximate amount designated as tips or overtime
  • State tax issues relating to tips and overtime
  • Changes in the W-2 reflecting new employer reporting responsibilities
  • Establishing and administering a Trump Account under § 530A
  • Election requirements and the Form 4547 process
  • Structural distinction between Trump Accounts and the pilot contribution program (§ 6434)
  • Eligibility rules for account opening and pilot contributions
  • Contribution types, limits, and coordination across multiple sources
  • Employer contributions under § 128
  • Investment limitations during the growth period
  • Basis tracking and tax treatment of contributions
  • Distribution rules before and after age 18
  • Transition to traditional IRA rules
  • Comparison with 529 plans, Roth IRAs, and custodial accounts

CPE Credits Available

NASBA 6
4
Taxation (NYSED) (Taxation) - NASBA
2
Taxes (NASBA) (Taxation) - NASBA

Things to Know About This Course

Course Level

  • Basic

Intended Audience

All accounting and finance practitioners

Provider

Surgent McCoy CPE LLC

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