1099-NEC The 1099 threshold has been a topic of discussion for a while in our post-COVID era. It feels as if each administration changed what its predecessor did about the reporting requirements. The One Big Beautiful Bill made changes to the 1099-NEC filing requirements. These changes went into effect on January 1, 2026. This article is to clarify what your reporting obligations are if you paid non employees compensation during 2025. Not complying can result in hefty IRS civ

No one likes to pay penalties. IRS penalties are no exception. They are often avoidable but are added to the tax assessed due to lack of planning by the taxpayer. Whether you miscalculated your tax or had a life event happen, you may be eligible to have those penalties modified, reduced, or even completed removed! The IRS refers to the removal as Penalty Abatement .