Form 1099 Changes in the One Big Beautiful Bill Act (OBBBA)
I. Overview of IRC Section 6041 (current law through 12/31/2025) IRC Section 6041 requires businesses and other payers to report certain payments made in the course of a trade or business. Specifically, it mandates the filing of information returns (e.g., Form 1099-MISC or 1099-NEC) for payments of $600 or more to non-employees, such as independent […]
Tax Provisions in the One Big Beautiful Bill
On May 12, 2025, the House Ways and Means Committee released its draft tax legislation as part of the 2025 budget reconciliation process. This proposal, informally referred to as the “One Big Beautiful Bill,” aims to extend and expand provisions from the 2017 Tax Cuts and Jobs Act (TCJA), introduce new tax incentives, and implement […]
New Form 1099-K Reporting Requirements
Starting in January of 2025 payment cards (credit and debit cards) and E-commerce platforms like PayPal, Venmo, Amazon Pay, and other payment processors will be required to issue IRS form 1099-K, officially titled “Payment Card and Third-Party Network Transactions,” for taxpayers who received $5,000 in payments for goods, services, or rent for business transactions in […]
Update Regarding The Filing Of Beneficial Ownership Information Reports (“BOIR”)
VERY TIME SENSITIVE!! Last week we reported that the Financial Crimes Enforcement Network (FinCEN) ceased enforcement of the Beneficial Ownership Information Report (BOIR) filing requirements under the Corporate Transparency Act (“CTA”), due to a nationwide court injunction issued in the case of Texas Top Cop Shop, Inc. v. Garland. Today the 5th Circuit Court of […]
Cerity Partners Welcomes Fishman Block + Diamond, LLP
The addition of Fishman Block + Diamond will add to Cerity Partners’ existing tax and accounting offerings for high-net worth individuals and families in Los Angeles. New York, NY [Dec 17, 2024] – Cerity Partners, a leading independent wealth management firm in the U.S., announced today that it is combining with Fishman Block + Diamond, […]
Court Halts Reporting Obligations Under the Corporate Transparency Act
On December 3, 2024, a Federal District Court in Texas issued a nationwide preliminary injunction against FinCEN enforcing the Beneficial Ownership Information (“BOI”) reporting as mandated by the Corporate Transparency Act (“CTA”) stating that the regulation is likely unconstitutional and outside of Congress’s power. Under the injunction, the CTA and the BOI reporting rules are […]
New Reporting Requirements Under the Corporate Transparency Act
As you may be aware from our previous memo (view here), the Corporate Transparency Act (“CTA”) initially went into effect as of January 1, 2024, requiring timely submission of specified information on a new form known as the Beneficial Ownership Information Report (“BOIR”) on new or existing companies and their beneficial owners, regardless of industry, […]
2024-2025 Tax Planning Guide
Dear Clients and Friends, If the last 4 years have taught us anything it is that change and taxes are inevitable, and you can only postpone taxes temporarily. We don’t know what the future holds, but we can take steps to proactively plan for and keep ourselves informed of the ever-changing landscape. To help you […]
