IRS Issues Updates on 2025 Form 1099-R Reporting
Following the release of updated Instructions for Form 1099-R/5498 for tax year 2025, the IRS has issued two additional updates modifying reporting requirements. The updated
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1099
Digital Asset Tax Policy: Key Insights from Coindesk’s Policy and Regulation Event
The crypto industry stands at a pivotal moment. With the Trump administration’s pro-innovation stance and the release of the comprehensive White House Digital Assets Report,
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IRS Releases Updated Publication 1220
The IRS has released its updated Publication 1220, which provides technical specifications for electronic filing of information returns through the Filing Information Returns Electronically (FIRE)
Michigan Adds Form 1099-DA to Required Income Record Filing Requirements
Michigan has explicitly added Form 1099-DA to its Income Record Form Remittance Guide as one of the 1099 forms required by the state. Form 1099-DA
IRS Revises the IRIS Portal User Guide, Publication 5717
The IRS has revised Publication 5717, “Information Returns Intake System (IRIS) Taxpayer Portal User Guide.” The document provides user direction on how to report tax-information
IRS Updates Publication 5718 for 2025 Filing
The IRS has released an updated Publication 5718, outlining specifications for the Information Returns Intake System (IRIS) A2A electronic filing process for tax year 2025
Cryptocurrency
ICYMI: How 1099-DA Reporting Differs from Traditional Asset Reporting
The world of tax compliance is changing fast, especially with the arrival of Form 1099-DA for digital assets. If you joined our recent webinar with
Tax Information Reporting
Understanding the IRS FIRE Sunset: How the Transition to IRIS Will Transform Information Return Filing
The IRS has confirmed the retirement of the long-standing FIRE system, ushering in a new era of information return filing through IRIS. After serving as
IRS Releases Draft 2026 Form W-2, Incorporates OBBBA Changes
The IRS has released a draft 2026 Form W-2 that introduces significant changes to support the One Big Beautiful Bill Act (OBBBA) overtime and tips
Maine Releases Draft W-2 Electronic Filing Specifications
Maine has released draft specifications for the electronic filing of the form with the state for tax year 2025. There are a few changes to
IRS Releases Publication 1141 (General Rules and Specifications for Substitute Forms W-2 and W-3)
The IRS recently released an updated Publication 1141 (General Rules and Specifications for Substitute Forms W-2 and W-3). Publication 1141 provides the IRS and Social
IRS Releases Updated Publication 1179
The IRS has released its revised Publication 1179 (General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns). This
Tax Information Reporting
How the OBBB Transforms 2025 1099-K Reporting for TPSOs
The One Big Beautiful Bill (OBBB), signed into law on July 4, 2025, delivers significant relief to third-party settlement organizations (TPSOs) by reverting 1099-K reporting
1099
Different Rules, Different Risks: Understanding the Differences Between 1099-DA vs. 1099-B Reporting
As the IRS rolls out Form 1099-DA for digital asset transactions, financial institutions that have long reported on traditional securities through Forms 1099-B, 1099-DIV, and
“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
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
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