“One Big Beautiful Bill” Raises 1099 Reporting Thresholds
On July 4th, President Trump signed the “One Big Beautiful Bill,” which dramatically alters Form 1099-K, 1099-MISC and 1099-NEC reporting thresholds, effective for payments made
Solution: Tax Information Reporting
Social Security Administration Releases 2025 W-2 and W-2C Electronic Specifications
The Social Security Administration has released its W-2 electronic reporting specifications for tax year 2025. Publications EFW2 and EFW2C provide reporting specifications and directions for
Connecticut Temporarily Suspends Mandatory Withholding on Lump Sum Retirement Distributions
Connecticut has temporarily suspended its mandatory withholding requirement for lump sum retirement distributions from July 1, 2025, through December 31, 2026. Under HB 7287, which
Bulgaria: Euro adoption set for 2026
On 8 July, the Council of the European Union adopted the final legal acts paving the way for Bulgaria to join the euro area on
Maryland Allows Multiple Points of Use Certificates for Digital Services
Maryland recently enacted bill HB 352. The legislation provides, effective July 1, 2025, that businesses which use a digital service across multiple states may submit
Tax Information Reporting
The Hidden Cost of the One Big Beautiful Bill: Why Raising Tax Reporting Thresholds Could Cost America Billions
In the whirlwind of tax policy changes sweeping through Congress, one provision of the recently passed “One Big Beautiful Bill” (OBBB) has quietly slipped through
IRS Updates 2025 1099-DA Instructions, Clarifies ‘Optional Reporting Method’ Requirements
On June 18, 2025, the IRS released revised 2025 Instructions for Form 1099-DA (Digital Asset Proceeds from Broker Transactions). The updates provide detailed guidance for
Poland: KSeF 2.0 Legislative Process Advances Rapidly
Polish authorities are advancing at an accelerated pace toward the implementation of the National e-Invoicing System (KSeF 2.0). Following the second public consultation on the
Tax Compliance
IRIS Working Group Announces Timeline for FIRE Retirement
The IRS officially announced intentions to fully retire its Filing Information Returns Electronically (FIRE) system during December 2026. Effective for tax year 2026 forms filed
IRS Releases Notice 2025-33, Extending Transitional Relief for Digital Asset Sales
On June 12, 2025, the IRS released Notice 2025-33, which modifies Notice 2024-56 and extends certain transitional relief to brokers of digital asset sales. Most
IRIS Working Group Announces Timeline for FIRE Retirement
The IRS officially announced intentions to fully retire its Filing Information Returns Electronically (FIRE) system during December 2026. Effective for tax year 2026 forms filed
Tax Compliance
IRS FIRE System Sunset: What the IRIS Transition Means for Filers
The IRS has officially confirmed a plan to sunset the FIRE system, marking one of the most significant transformations in information return filing in decades.
Utah Expands 1099-K Reporting Requirements with HB 60
On March 25, 2025, Governor Spencer Cox signed Utah House Bill 60 (HB 60) into law, significantly expanding the state’s 1099-K reporting requirements. HB 60
IRS Updates Instructions for Form 1099-R/5498
The IRS recently updated Instructions for Form 1099-R/5498 for tax year 2025. Form 1099-R is used to report distributions of $10 or more from retirement
CHILE: B2C transactions over US$5,000 require formal identification of the buyer.
The tax authority established that as of September 1st, 2025, sales made to end consumers for amounts greater than CLP$5,186,253.15 must be identified in the
Arizona Lowers Gambling Withholding Rate to 2.5%
On May 13, 2025, Arizona Governor Katie Hobbs signed Senate Bill 1274, known as the “Tax Corrections Act of 2025,” into law. One of the
Oman: Tax Authority Advances e-Invoicing Implementation Plans
In a strategic push toward digital transformation, the Sultanate of Oman is preparing to roll out a national electronic invoicing (e-invoicing) system as part of
France: New Formats and Profiles of Invoices and Lifecycle Statuses
The French authorities have published the official standards issued by AFNOR (the French Association for Standardization) regarding the structure and format of invoice messages and