From JDSupra, Michael Bresson, Barbara De Marigny, Jon Feldhammer, Jason Ayer Graham, Derek Green, and Jon Lobb discuss elements of the legislation entitled “The One Big Beautiful Bill” (the “BBB”) including a change for reporting payments to independent contractors. Michael, Barbara, Jon, Jason, Derek, and Jon write:
- Increase in Threshold for Requiring Information Reporting With Respect to Certain Payees. Under current law, the reporting threshold for payments by a business for services performed by an independent contractor or subcontractor and for certain other payments is generally $600.
The BBB generally would increase the threshold to $2,000 for payments made after December 31, 2025, and adjust the threshold for inflation for calendar years after 2026.
Read the full story at “The One Big Beautiful Bill” Key Tax Takeaways | Baker Botts L.L.P. – JDSupra