August 2026

Beneficial Ownership Reporting is no more!

FinCEN issued a final rule that permanently removes the requirement of U.S. businesses and persons to report “beneficial ownership information” under the Corporate Transparency Act. Visit FinCEN’s news release here for more details.

September 2026

Payment threshold increased to $2,000 or more.

The One Big Beautiful Bill (OBBB), signed into law on July 4, 2025, increased the threshold reporting amount from $600 to $2,000 on certain Forms 1099. This applies to payments to contractors (Form 1099-NEC) and business rent payments (Form 1099-MISC). The $2,000 will be adjusted for inflation beginning in calendar year 2027.

Note: This threshold does not apply to all Form 1099 reporting. Make sure to check reporting requirements for your specific situation. See IRS Publication 1099 for more information.

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2026 Tax & Biz News

Beneficial Ownership Reporting is no more!

Payment threshold increased to $2,000 or more.