Episode 16: Tax Implications for Aviation

Transcript

IRIS LAWS

On this episode, we’ll dive into the world of aviation. This episode has all kinds of intel you’ll want to know if you lease, own, charter, or are just interested in airplanes. We welcome Katie Simmons and John Buchanan, two of the leaders of our firm’s aviation consulting practice. From your one stop for tax updates and analysis, I’m Iris.

DEVIN TENNEY

And I’m Devin.

IRIS LAWS

It’s Tuesday December 16th, and this is Tackling Tax.

DEVIN TENNEY

Instead of our normal Fast Four stories of the week, we are going to kick off today’s episode with what we are calling a Tuesday Spotlight, a deeper discussion on a topic trending this week. Traveling around talking with clients, coupled with recent notices issued on the topic, we’re going to discuss the new deductions for overtime and tips. So, let’s jump right into our Tuesday Spotlight.

IRIS LAWS

Well, Devin, I’ve been hearing a lot about the new quote “No tax on tips and overtime” provisions. It seems like there’s been honestly a lot of confusion across the board, but I’ve also seen a handful of guidance come out. I know we’ve discussed this topic sort of briefly in prior episodes, but I was hoping, you know, could you give me the lowdown on what’s going on right now in that space?

DEVIN TENNEY

Yeah, absolutely. You know, there are many provisions that came out of OB3; these two provisions here have actually, what I’ve seen, taken a disproportionate amount of employer interest over the last handful of months. And, I mean, that’s for good reason. You know, Congress made some fairly significant changes that were retroactive back to the beginning of 2025 and dropped it in everyone’s lap. Treasury, IRS, employers, tax preparers, those that make software, payroll providers, etc. So, it’s just created a lot of confusion. But fortunately, we have received some guidance that I think will be helpful to quickly talk about here.

You know, one of the things I think is really important to understand is, you know, no tax on tips, while they are individual income tax deductions, there are requirements on employers. There’s a requirement to file, you know, accurate information returns as well as to furnish payees with statements with that information. And so, you know, the question is, what are employers supposed to do? We’ve got draft 2026 forms W-2 and 1099-NEC. They kind of tell us what employers need to do for 2026 through 2028, but we have nothing about 2025 and what they were supposed to do, or at least, we did not. And so that’s cause a lot of employers kind of scramble figuring out what they’re supposed to do.

IRIS LAWS

So, yeah, seems like sort of some foreshadowing there, right? Sounds like we have received some guidance. What specifically have we gotten and how helpful has it been practically?

DEVIN TENNEY

You know. Great question. And it seems like the IRS and Treasury have learned from their experience with the ERC, because we’ve now actually seen, received three pieces of guidance. I personally believe that Treasury and IRS have done a commendable job. And so the first piece of guidance we got was some proposed Treasury regulations for tips.

And these were issued all the way back in September, on September 22nd. And effectively they just defined what qualified tips are. Again, they have to be cash, you know, charge. They can be, you know, tokens at casinos, etc. But they also must be voluntary. So it can’t be like a service, a mandatory service fee of 18% or something like that.

The other thing that these regulations did was they, you know, came out and said what occupations are eligible. Now, this was some information that OB3 required the Treasury issue. So, that’s probably why we received this first. But, so there are specific occupations. We’ve talked about it in one of our prior episodes. It’s fairly broad in who they allow to be someone eligible in a tipped occupation for this deduction. But that’s really all that they provided was some clarification on the tips language. And so, there were a lot of questions that remained after that.

IRIS LAWS

So, I’m sure it was helpful, right? In that perspective, what’s considered a qualifying tip, who’s eligible for the deduction. But the elephant in the room, to me still, what I haven’t heard you talk about, is that 2025 transition issue and what we’re supposed to do with that. And of course, you know, at the time that these were being issued and then we got hit with the shutdown. So, what’s going on there?

DEVIN TENNEY

Yeah, it is. Shortly after the proposed Treasury regulations dropped, the shutdown began and that went for, like a month and a week. And so, Treasury and IRS were working diligently through the shutdown. So, I don’t believe the shutdown had as much of a direct impact on them being able to get that guidance out.

But, you know, over time in particular, it’s not just a tax law creature. It really hinges on labor law. And so, I think the shutdown did kind of make it a little bit more difficult for Treasury to contact their counterparts at the Department of Labor to, kind of, work through some of those issues. But, that didn’t stop them.

And so on November 5th, they did issue notice 2025-62. And what that notice did was effectively it just provided employers with penalty relief. There are two provisions out there where there are penalties associated, again, one for failure to file accurate reports, information reports. So the form W-2 or 1099, they’re required to make sure that the numbers and information that they include on those is correct.

But again, we didn’t have the form for ’25. And also they’re required again to furnish the payees with the statement. Again, the form W-2. But since we don’t have that, what was IRS supposed to do? They gave penalty relief.

IRIS LAWS

So let me make sure I have this right. It sounds like they basically let employers off the hook, right? They said, we’re not going to penalize you if you don’t give your employees this information. But where does that really leave our employees, right? If they don’t have the information to file their own tax return, where does that leave them and their own tax preparers?

DEVIN TENNEY

You know, well, the IRS did, in -62 recommend that employers provide some reasonable, you know, amount to employees. And they gave an example. They could do it on the box 14 of the form W-2 for 2025, a letter, an online portal, etc. But again, it was only a recommendation. And, you know, so there’s no guarantee that employers would, you know, give anything to their employees.

And, it may be difficult, if not impossible, for a lot of employees to reasonably, you know, calculate what their qualified tips or qualified overtime compensation is. And so, fortunately, a handful of weeks later, the IRS came out with a second notice, it’s notice 2025-69. And this time they provided relief in the other direction. They provided relief to the individuals who were claiming the credit.

Now, it’s not just, yeah, it’s nice. And it was extremely helpful. And honestly, it was one of the notices that, I think, was more prone and had more information, helpful information in this notice than a lot of the previous notices that I’ve seen. It just wasn’t directed, while it was directed specifically at individuals, it wasn’t just helpful to the individuals. I found that it provided a lot of guidance that is still going to be helpful for employers that are trying to figure out how they calculate qualified tips or qualified overtime. As well as maybe giving, you know, the individual’s accounts a little bit of comfort in signing returns because, you know, there is now some relief as well as a lot of guidance in this notice on how to, how an employee would go about calculating their tips or calculating their qualified overtime. Or an independent contractor who receives tips, how they would go about calculating that.

One of the other things that was in the proposed Treasury regulations was additional guidance on specified service trades or businesses, things like law, consulting, accounting firms, etc., where they’re excluded. Individuals that are employed by those types of trades or businesses are excluded from claiming tips. One of the interesting ones from there is performing arts.

So if you’re like a comic and you’re self-employed and you get a bunch of tips after your show, that would be ineligible for the deduction, but something else that notice 2025-69 did, in addition to giving guidance on how to calculate tips and overtime as it came out and also gave penalty relief for employees of specified service trades or businesses. Effectively, the IRS is not going to be applying that exclusion from the deduction.

IRIS LAWS

So, they’re not changing the rule, but they’re not saying they’re going to penalize you for not following it, basically?

DEVIN TENNEY

Exactly. And they certainly couldn’t change the rule, but they’re not going to enforce the rule, basically. And so, you know, one thing just to keep in mind is, you know, this notice doesn’t cover everything. You know, they certainly, IRS did everything they could with the information that they had. They really were trying to provide a lot of grace.

But this is not a free-for-all, you know? Employees who are going to claim this detection still need to be able to substantiate the amounts that they claim. So they still need to put, you know, a good-faith effort forward in doing a, you know, a reasonable account of any deduction that they claim. It’s not that, you know, they can’t be penalized. They still need to show that they are, you know, complying with the spirit of the law and the IRS guidance.

IRIS LAWS

Makes sense. Well, it sounds like, you know, we’ve gotten some good guidance. That’s fairly good news for employers. And employees. And maybe their tax accountants as well. Do we expect anything more moving forward? Are we kind of done on the guidance front here?

DEVIN TENNEY

Yeah. So, no, I do anticipate we’re going to be getting additional guidance, Iris. So, we should be getting final regulations for the tips one that I had just spoken on, hopefully around the beginning of next year. I believe they’re also working on regulations for the overtime. I’m just not sure about any additional guidance on that, on top of that.

IRIS LAWS

Great. Well, any last words of advice for, maybe, employers listening in? I know ultimately, right, this is a benefit for employees. But anything else for employers to know?

DEVIN TENNEY

Yeah, just, you know some final, you know, parting words for employers. Again, you may not be required in ’25 to do this, but it’s a good opportunity to provide some value to your employees. You know, a lot of individuals are going to be struggling right now. And so, to be able to put a little bit of work in and provide them with a reasonable approximation of what you think their qualified tips or overtime would be, I think, would go a long way with your employees.

So, it’s certainly something that we’re all recommending. I just personally would not recommend putting that information in box 14 of the form W-2. Instead, I am advising that, you know, that information be conveyed in a letter, as well as kind of including language in that letter that you’re not giving tax advice. So, maybe run that letter through your legal counsel just to make sure that they’re comfortable that, you know, you aren’t giving tax advice and you’re protecting yourself on that front.

But still, I think it is beneficial to help them out. But know that for ’26, ’27 and ’28, the last three years, this penalty relief will not be in effect under either notice. And so, employers really should start working now to make sure their systems are up to date, to start accounting for everything, talk to your payroll provider. Again, work with your in-house legal and maybe consult external labor law counsel on the overtime, for example, if you have concerns about that.

IRIS LAWS

Thanks so much for that, Devin. Clearly you are the fringe benefits SME in our firm here. So, maybe we’ll be looking to you in the new year to give us some overview of other things, other topics in that space. But for now, we’re going to move on to our next segment, Planning Insights.

On today’s segment of Planning Insights, we’re going to talk about all things airplanes and aviation. We are so excited to be joined by Katie Simmons and John Buchanan. Katie Simmons is the leader of the aviation consulting practice for the firm and is a director in our tax controversy group. Coming in from Ohio, she is joined by John Buchanan, a manager on the aviation team as well.

So welcome to Tackling Tax, Katie and John.

KATIE SIMMONS

Thanks, Iris. We’re excited to be here.

JOHN BUCHANAN

Yeah, thank you.

IRIS LAWS

So, Katie, let’s kick off with you. I have to admit, right, like outside of tracking flight delays and wait times for security checkpoints just for personal travel, aviation is not an industry that I follow terribly closely. So, when it comes to, you know, sales volumes recently or just general trends in the market, what are you guys seeing?

KATIE SIMMONS

Yeah. So, post-COVID, this industry really took off. So, private aviation as an industry grew a lot, for obvious reasons, with COVID, but it really hasn’t slowed down a lot. So, we’re still seeing a lot of delays with manufacturers, long waiting lists, tariffs have made things a little more complicated. But historically, the fourth quarter is always a big quarter in this industry. In the pre-owned market especially.

So, with this year, the introduction of a 100% bonus depreciation again, it’s been even crazier than normal. So, John and I have been on the phone daily with teams across the firm and clients of all different sizes talking about hoping to close on an aircraft by the end of the year. And, you know, discussing how we can get that bonus depreciation that’s on everyone’s Christmas list.

DEVIN TENNEY

Well, it sounds like bonus depreciation is therefore a driving factor for a lot of the decisions that are being made in this market. And I want to dig into that a little bit because as we know, there were some pretty significant changes made to bonus depreciation in OB3 and so now that is now back in full force, giving owners a 100% deduction of that property in the year that it’s placed in service, that also includes airplanes.

So, I do believe that there are some requirements for aircraft owners in order to receive that deduction, including a qualified business use test. Is that correct, John? Is that something you can maybe expand on?

JOHN BUCHANAN

Yeah, absolutely. That is correct. To be able to claim bonus, and any accelerated depreciation, including section 179 or just regular MACRS, they have to, aircraft have to pass a Qualified Business Use, or QBU as you’ll hear referred to quite often, test. There are actually two tests, first off though, qualified business use is any use of the aircraft in the trade or business.

So, business use of the aircraft is QBU, right? But there are two tests you got to pass, aircraft owners have to pass, to be able to claim that accelerated depreciation overall. The 50% test, you got to have at least 50% qualified business use. But you know, they couldn’t make it that easy. So, they came in and said for aircraft we’re going to throw in a second test.

So even before you get to the 50%, you got to pass this 25% test. And that’s 25% test really kind of drives everything. So, if you pass it, you’re on a, you should be good to go. But the 25% test says, did you have at least 25% qualified business use of that aircraft? That does not include flights that were personal.

So, if you took that, you know, took a personal flight, you want to include that. And then, flights that are leased to a 5% owner or related entity are not counted in the 25% test, up to the point where that owner or the person that makes it related, his seat is not counted in that 25% test. So, when you look at the 25% test, you got exclude personal flights, you got to exclude flights leased to a 5% owner or related entity.

KATIE SIMMONS

And I’ll chime in, that actually comes up a lot. So, what you’ll see a lot of times with aircraft is, for liability reasons, clients will put the aircraft in a single member LLC or a multi-member LLC, but it’ll be separate from the operating company and it’ll be leased over to the operating company. Well, that creates this related-party lease issue.

And potentially, depending on how the aircraft is going to be used, who’s on board, especially if we’re purchasing really close to the end of the year, and that 5% common owner is the only person on the flight, we potentially disqualify ourselves from bonus depreciation even though we’ve met all the other requirements. So, what John and I are doing a lot of right now are helping clients with structuring so that we can take advantage of bonus depreciation.

IRIS LAWS

So, okay, this might be a fairly fundamental question, but obviously, y’all were talking about the difference between business use, personal use, maybe entertainment use, right? Can you give me some examples of what might qualify in those things like, you know, business use I’m thinking you’re going to a meeting or whatever, but where’s the line there of, like, you’re taking a client to a golf outing or something like that? Like how do you classify some of those different uses? Because it sounds like that really matters.

JOHN BUCHANAN

Yeah, definitely. It definitely matters. I mean, that’s when you’re getting down into the nitty gritty classifying these flights. Right? So, business use, you’re exactly right. Business use you, for example, you go to a meeting with a client or with a potential investor, whoever, you know, you’ve got a business meeting of the entity that owns that aircraft.

That’s pure business. That’s qualified business use. That’s what we’re looking for, right? Then you have business entertainment. So, you have a golf outing. It’s business, you’re taking a client out for a golf outing, so it’s business-related, but it’s entertainment. That’s disallowed now. Business entertainment flights are not allowed as a deduction after TCJA in 2017. That’s out.

Then you have the personal trips and those are divided into like actually two categories. You have personal entertainment, where you take the aircraft to go on vacation. You can take the aircraft to go to a football game, you know, or some type of entertainment outing. Those are, that’s personal entertainment trips. Those are nondeductible up to the amount included in income of that individual.

So, the individual picks up his income, the company gets a deduction up to that amount for the personal entertainment trips. Then you have personal non-entertainment trips, which are personal, but there’s no entertainment factor. So, an example of that is if you went on a, you had a medical appointment, you took the aircraft to fly to a medical appointment. That’s a personal trip but no entertainment value.

So, they’re considered personal non-entertainment. And the company gets a full deduction for that trip, as long as it’s included in the income of the individual. And then a couple of other categories of flights. We look at our commuting. After TCJA, commuting is out as a deduction. I think that’s it.

IRIS LAWS

But an important point I think that you just mentioned, right, is that for personal use, I mean, you just said that you have to include it in the income of the person. Is that right? Like regardless if it’s a company flight, what you’re saying is that that person needs to be very aware of what they’re using it for, so that not only can the company account for it, right, but they personally know what they’re supposed to pay on. Is that, am I understanding you correctly there?

JOHN BUCHANAN

Yeah, absolutely. Personal use of a company aircraft is a fringe benefit to that individual. So, they have to pick that fringe benefit up as income.

KATIE SIMMONS

And so, one thing we’re also spending a lot of time on right now is what we call SIFL calculation. So that stands for Standard Industry Fare Level. But it’s a rate that’s set by the DOT that we use to value personal flights. It’s generally pretty taxpayer favorable. The SIFL income that an executive would pick up for a personal flight is going to be a lot less than the actual cost of that flight.

And the service lets us use an October 31st fiscal year to compute SIFL income. So, we’re spending a lot of time right now getting the SIFL calculations for personal use wrapped up so that they can get included in all the payroll tax filings that have to go out for 2025.

DEVIN TENNEY

And so that use then, if it is personal in nature, as long as it’s reported as compensation, an employer would at least get a corresponding deduction for that. But that then may pull that use out for bonus depreciation purposes. Is that correct?

KATIE SIMMONS

Exactly. The company does get a deduction to the extent of the income that the individual picked up for that personal flight. But keep in mind that all of these calculations are done at a passenger level. So, you can have what we call a mixed flight, meaning there are passengers on board, say, for business, but maybe a spouse is also on the flight and that spouse is there for personal entertainment.

Potentially there’s some SIFL income for that spouse. There’s some expense disallowance at the company level, and that particular seat isn’t going to count as qualified business use for purposes of testing to see if we can take bonus depreciation.

DEVIN TENNEY

Now, as someone who works in the fringe benefit space, I do encounter this, and it’s incredibly complex. And I think that leads to a lot of IRS exam issues, which we’ll touch on here shortly. But before we get there, I want to wrap up on bonus depreciation. And you know, one of the primary things is when it is placed in service. So, what does it even mean for an airplane to be placed in service?

KATIE SIMMONS

So, the airplane needs to be ready and available for use. So, what sometimes will trip people up is maybe an aircraft is purchased by the end of the year, but it’s down for maintenance or there’s repairs being done. And so, as of December 31st, that aircraft really is not in a position where it could fly. So that can potentially cause issues.

Something else that we see is a client will purchase the aircraft, have a business flight by the end of the year. However, after year end, they go and make modifications to the airplane. And, John, I’ll let you talk a little bit about this one. But that can also trip people up in being able to place in service the aircraft.

JOHN BUCHANAN

Yeah. There was a famous case on this one where they purchased the aircraft at year-end, had a flight, and then they sent it out in January, basically one of the big things was to put a conference table in, right? And the courts came back and said, sorry, that plane was not ready and available for its intended use in December. And so they made the place-in-service a subsequent year.

So, you really got to be aware of that, the overall picture, what’s happening at the end of the year and into the next year, you know. If you’re purchasing that aircraft year-end and then beginning of next year, you’re sending out for modifications to be finished, to upgrade, whatever, and it’s out of service for a long, for an extended period of time, that’s going to be looked at to when did you really place it in service? Was it in December or was it in the following year?

IRIS LAWS

Wow, that’s really surprising. I mean, hey, you never know with the IRS, right? But, great insight. Katie, if we step back for a moment, right, bonus depreciation is so helpful just sort of generally because of the reduction of taxable income that it offers. You know, that being said, most of the time we’re looking at businesses or individuals that have active income that they’re offsetting with this deduction.

So, right, active meaning you’re actively participating in the company. And the opposite to that is passive income, which obviously can only be offset by passive losses. So, much more attractive to have active income than passive income. There are different ways that our clients participate with flights, right? You can own an airplane, you can charter an airplane, you can lease an airplane. How does that impact how depreciation and bonus, how it’s characterized? Does that matter?

KATIE SIMMONS

Yes. This is another kind of pitfall you can run into. So, we see a lot of clients who maybe charter their aircraft to third parties to help absorb some of the costs, airplanes are expensive. Or maybe they dry lease it to, you know, a third party who uses it in their own business. That’s going to be considered a rental activity. And so, since rentals are, by nature, a passive activity, any depreciation allowed in a current year would be split based on the passive rental use and then our active use in our operating company.

So, as we’re planning for how we’re going to use an aircraft in the year it’s placed in service, to the extent that we’re able to minimize that third-party use and prevent depreciation from being allocated to a passive activity where we may not be able to take that deduction, we’re, you know, we’re trying to make sure we can do that. Especially if it’s placed in service right at the end of the year. And maybe there’s only one flight and it’s a third-party flight. If that client can’t take a passive loss, that’s going to be a bad outcome.

DEVIN TENNEY

Now, exciting as bonus is, I do want to get back to our conversation about, you know, income for employees from use of, you know, corporate aircraft. Because, you know, a couple of years ago, or at least early 2024, as far as I’m aware, there was an IRS announcement where there was going to be an increased level of scrutiny on personal use of corporate aircraft.

And so, I was hoping you could maybe talk through that a little bit and what you’ve seen over almost the last two years since that announcement was made.

KATIE SIMMONS

We’ve seen a lot of aircraft examinations, and I don’t expect them to be going away anytime soon. But yeah, so, in February of ’24, the IRS announced a new corporate jet campaign. There’s a lot of good puns in there about how audits in this area are going to take off. So, if you need a joke, it’s kind of a fun one to look at.

But, what we’ve seen for the most part is situations where 100% bonus has been claimed. There’s this big depreciation deduction, and the service is saying, okay, did you really pass the 25 and 50 percent tests that John talked about earlier with regard to qualified business use? Did you report all of the SIFL income that you should have reported? Did you properly disallow expenses related to entertainment flights?

And so, there’s a standard document request we’re seeing at the beginning of these audits where right from the start, they’re asking for all those calculations. And then from there, they really dig into the flight logs and what the purpose of the flights were and the purpose of each passenger.

So, John actually was formerly with the IRS as a subject matter expert in transportation. So, he is very familiar with the exam space, so I’ll let him comment a little bit on, sort of the documentation process and how to be ready for an exam if that time comes.

JOHN BUCHANAN

Yeah. Thanks, Katie. Yeah, that’s the most important part. And that’s where, you know, in my former job, we’ve seen a majority of taxpayers fail these exams and have not a good outcome in documentation. I mean, when you get down to documenting the flight and providing the documentation, you can have the best looking flight log in the world,

everything’s in there. The, you know, the T’s are crossed, the I’s dotted, looks beautiful. But that’s not sufficient enough to document the business purpose of that aircraft.

What the IRS is going to ask for is the backup contemporaneous documentation of a flight. So, you know, IRS, going back to, whenever we talked earlier, we had a business flight. We went to a meeting for a client, right? The IRS was going to ask for documentation. And from that time period, contemporaneous from that time period, to back up the business purpose of the flight and every passenger that was on board that flight. And so, what they’re looking for are things like emails setting up the flight that may, that have the destination and potentially, hopefully, the business purpose in that email.

There may be, hopefully, agendas or minutes of that meeting? Maybe documents signed at that meeting that they can provide? Texts, you know, if you’re if, or, you know, we text everywhere these days, right? So, you know, if you’ve got texts where you’re setting up meetings, preserve those texts somehow and save them. If they go to conferences, have your registration saved, so show where you register for that conference, the certificate you get after the conference saying thank you for attending.

You know, things, that type of documentation is what they’re looking for. And that’s what you need to, really need to provide. That’s what they’re going to want to be able to substantiate the business purpose of that trip. And for everyone on board, if you don’t have that, they’re not going to allow that trip as a business deduction.

IRIS LAWS

Even if, right, and in good faith, you really were there, you just deleted the email, right? Like that is wild to me that that is truly the standard that they’re looking for. Well, guys, this has been enlightening. I’ll go to both of you, sort of any last comments, takeaways that you’d want to give our folks listening?

John, I’ll start with you and then round out with Katie.

JOHN BUCHANAN

Yeah. Thank you. The takeaway I would provide is plan ahead. You know, if you’re thinking about purchasing an aircraft, plan ahead. Where are you going to place this aircraft, one entity? Make sure it’s going to fit with how you are going to use that aircraft. And documentation. Have someone in the company be in charge of collecting the documentation and keeping track of it. So, when, if the time ever comes, you got to provide that, you have it ready and ready to go. There won’t be any issues.

IRIS LAWS

Katie, what’ve you got?

KATIE SIMMONS

I would say it really takes a village to do this right. So, the business that’s going to be using the aircraft, the company that’s going to be managing the aircraft, the attorneys who are drafting the leases, the accounting folks who are going to be accounting for all this stuff, as well as, you know, maybe executives and what their role is in keeping documentation together.

It’s really good to have everyone on the same page, develop a plan at the beginning, something that we can actually implement moving forward. And then that just makes it so if you’re audited, you are prepared. It’s nothing to be scared of. And you’ll have a good outcome. So that is my best advice.

IRIS LAWS

And then you’ll get that bonus depreciation deduction, right? I love it. Okay. Well thank you guys so much for being here. I learned a lot, I know that, Katie, we’ve worked a little bit in this space but, you know, you guys are so knowledgeable. So, thank you for hopping on. And, everybody stay tuned for our Focused FORsight of the week.

DEVIN TENNEY

Each episode we’ll bring you what we call a Focused FORsight of the week, an article or webinar that might be of interest to you. This week’s Focused FORsight is actually a reminder about an article we published a few weeks ago. As we close out the year, we want to be sure that you’re aware of the planning considerations for your business.

So, our FORsight this week is titled “Navigating Year End Tax Planning: Our Top 10 Tips.” Of course, as we talked about earlier this episode, overtime and tips makes the list. Be sure to keep an eye out for an article from me on this topic here in the coming days as well.

IRIS LAWS

And that’s our show. Thanks for joining. Given the holidays, we are taking a break in our episodes, so we will be back with you mid-January to kick off the New Year. Remember to subscribe and listen in for the next episode of the podcast. Until next time.

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The information set forth in this podcast contains the analysis and conclusions of the panelists based upon his, her, or their research and analysis of industry information and legal authorities. Such analysis and conclusions should not be deemed opinions or conclusions by Forvis Mazars or the panelists as to any individual situation as situations are fact-specific. The listener should perform their own analysis and form their own conclusions regarding any specific situation. Further, the panelists’ conclusions may be revised without notice, with or without changes in industry information and legal authorities.

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