* Kay Bell, the yellow rose of taxes, explains that “OBBB increases reporting thresholds for 1099 forms K, MISC, and NEC” at DON’T MESS WITH TAXES.
For 2026 the filing threshold for Forms 1099-NEC, Nonemployee Compensation, and 1099-MISC, Miscellaneous Information, will increase from $600 to $2,000, and will be increased for inflation for 2027 and beyond.
Kay ends with an excellent reminder -
“Earners also need to remember that a lack of a 1099 does not mean the money they received is tax-free. All earnings, even those amount not large enough to trigger issuance of a 1099, are taxable income and must be reported when tax returns are filed.”
* Jeff Stimpson reports “New Mexico weather victims get tax relief” at ACCOUNTING TODAY.
* The NJ Division of Taxation has released the “2024 Senior Freeze Payment Schedule”.
* Michael Cohn reports “Commissioner Billy Long leaving IRS for Iceland” at ACCOUNTING TODAY –
“President Trump has removed Billy Long as commissioner of the Internal Revenue Service in the latest sign of turmoil at the embattled agency.”
I wonder what sin of disloyalty to Trump Long committed. Or what order from Trump he refused to carry out.
THE LAST WORD
The motto of Trump and the Trump Administration –
“If you can’t dazzle them with brilliance (and we can’t) baffle them with bullshit.”
TTFN
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