In Part I: Welcome To The Crypto Zone, Where Are We? I reviewed the global crypto landscape where people engage in a wide range of digital asset transactions and activities. In Part II: What Can We Find Here? I focused on...more
We began this series with Part I: Where Are We? by reviewing the background, developments, and implications of current global and national regulatory and tax frameworks for digital assets. In Part II: What Can We Find Here? I...more
Recently proposed regulations would authorize crypto brokers to deliver payee statements exclusively in electronic format. On March 5, 2026, the IRS and Treasury issued proposed regulations that, if finalized, would...more
The IRS has announced that the Filing Information Returns Electronically (FIRE) system will be retired after the 2026 tax year. Beginning with the 2027 tax year, information returns that historically have been filed through...more
On March 5, 2026, the IRS issued proposed regulations (the Proposed Regulations) setting forth an alternative process for digital asset brokers to obtain consent from customers to receive Form 1099-DA statements...more
Among the many changes included in the One Big Beautiful Bill Act (OBBBA) is one relevant to brands and agencies running sweepstakes, contests, and other consumer promotions. ...more
On November 21, 2025, the Internal Revenue Service (IRS) issued Notice 2025-69, providing guidance and clarification on the new federal income tax deductions for employee tips and certain overtime compensation taking effect...more
W-2s and 1099s will not have new fields this year, but the IRS has now provided guidance on how employees can still claim tax deductions for tips and overtime pay. This is our fourth update on the evolving tips and overtime...more
Welcome to this week’s edition of Tax Bytes. Our team of tax lawyers is actively monitoring for federal and international tax developments and issues of note....more
I may not be the first to tell you, but don’t forget about an additional benefit of the 870-page One Big Beautiful Bill Act passed in July. As prize promotion sponsors and administrators know, an IRS Form 1099-MISC is used to...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for October 23, 2025 – November 6, 2025. ...more
The IRS released a set of frequently asked questions relating to the digital asset broker reporting regime under § 6045 and Treas. Reg. § 1.6045-1. Broker reporting for digital assets is applicable for transactions occurring...more
On July 4, 2025, the One Big Beautiful Bill Act (the OBBBA) was signed into law, ushering in substantial changes to business-related tax provisions and incentives. Navigating these updates will be essential for effective tax...more
Retirement plan administrators regularly face the problem of uncashed distribution checks, which can arise, for example, when required minimum distributions (RMDs) begin, when small accounts are cashed out, or when...more
A terminated employee moves and doesn’t tell you and the check for the small benefit forced out of your retirement plan gets returned. A participant requests a distribution and the check gets delivered, but it is never...more
Great news for brands operating consumer promotions, sweepstakes, and contests! Effective for the 2026 tax year, the One Big Beautiful Bill Act (P.L. No. 119-21) raises the threshold for issuance of a Form 1099-MISC from $600...more
Signed into law on July 4, 2025, the One Big Beautiful Bill Act (OBBBA) introduces several changes affecting workplace tax treatment and employee benefits....more
President Donald Trump signed H.R. 1, “One Big Beautiful Bill Act” (OBBBA), on July 4. The OBBBA affects a wide range of workplace issues, including immigration, benefits, and employment tax liabilities. Below is only a brief...more
The “One Big Beautiful Bill Act” signed into law on July 4, 2025, makes two important changes to tax reporting requirements that should be of interest to employers....more
Section 6721 of the Internal Revenue Code imposes a penalty on any person who fails to file a Form 1099 or other information return to the IRS by the required filing date, fails to include all information required to be shown...more
Earlier this year, the Internal Revenue Service issued long awaited guidance on the taxation of paid family medical leave. The revenue ruling is effective for payments received on or after January 1, 2025....more
Will you recognize the Form 1099-K when you receive it from one or more third-party marketplace providers this year? A few years ago, the IRS implemented new reporting requirements for many popular peer-to-peer payment apps...more
On 12/19/24, anticipating the 2025 filing season, the IRS published Tax Preparation 2025 Useful Pointers in IR-2024-311: Prepare to file in 2025: Get Ready for tax season with key updates, essential tips. As the 2025 filing...more
In the American Rescue Plan Act of 2021, Congress and the Biden administration lowered the minimum reporting threshold for filing information returns relating to “reportable payment transactions” (a payment card is accepted...more
Over the past few months, the IRS has released guidance that may prove helpful for employers planning for open enrollment and Form W-2 reporting. In particular, we discuss how implementing certain SECURE 2.0 and CARES Act...more