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
Solution: Tax Information Reporting
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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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.