The financial planning community is still busily digesting the myriad ways passage of President Donald Trump’s signature tax and spending legislation affects clients across the wealth spectrum, with a lot of consideration being given to major changes such as the permanent extension of the historically high estate tax exemption and the 20% 199A qualified business income deduction.
One topic that's getting less attention is the change made by the One Big Beautiful Bill to tax reporting requirements for contractor payments tied to personal services, gig income and certain vendor payments facilitated via third-party applications.
Experts say the updates are particularly important for business owners who use contractors, but they can also apply to other clients who pay their nanny, cleaners or other service professionals on the books. Even when the dollar amounts involved aren’t very high, getting the paperwork right can avoid a lot of hassle in the case of an IRS audit.
An analysis published by the employment law firm Littler breaks down the changes in detail, starting with a review of the...
The offshore world has always attracted strong opinions. It’s complex, global, and full of moving parts that most people don’t fully understand. Mix that with online anonymity and you suddenly hav...