Preparing for the Federal Bill H.R. 1, "One Big Beautiful Bill" (OBBB) Act

Modified on Thu, Jul 17 at 2:42 PM

This article will serve as a repository of information related to the Federal Bill H.R. 1, "One Big Beautiful Bill" (OBBB) Act. As you know, Genesis does not provide Tax advice nor counsel and we strongly recommend each and every District consult with their counsel, auditor or other qualified professional for guidance relative to all applicable laws and statutes.

Currently, the Internal Revenue Service has not issued official guidance on how this will be reported in W2s and as such, we do not know how this will be handled in SchoolFi.

On July 17th, Sue Young, Executive Director for NJASBO emailed the following to their membership:

Things you might want to consider in preparation for reporting overtime:

Districts who utilize the SchoolFi electronic timesheets that are properly set up in accordance with our recommended settings (utilizing the daily overtime rules) will be able to extract all of the overtime hours on the Payroll >> Analysis >> Casual tab.
Districts that manually enter casual earnings that follow our recommended procedures for manually creating an other earning relative to overtime will be able to extract all of the overtime hours on the Payroll >> Analysis >> Casual tab. When an other earning is manually entered into the system for overtime, we always recommend the district complete the field highlighted below and these fields in conjunction with the hourly rate will easily identify overtime hours paid.
Districts that manually enter casual earnings and DO NOT follow our recommended procedures for manually creating an other earning relative to overtime (highlighted boxes above are not filled in) will NOT be able to extract all of the overtime hours from SchoolFi. These Districts will have to manually review all of their supporting documentation and compile the necessary data for any identification of overtime hours and pay.

Currently, the Internal Revenue Service has not issued official guidance on how this will be reported in W2s and as such, we do not know how this will be handled in SchoolFi.