On November 5, 2025, the Treasury Department and Internal Revenue Service issued Notice 2025-62, providing significant penalty relief to employers and payors facing new information reporting requirements under the One, Big, Beautiful Bill Act. This guidance establishes Tax Year 2025 as a transition period, protecting businesses from penalties while they implement systems to comply with... Read more »
Month: January 2026
What Business Owners and Tax Professionals Need to Know About 2025 Tax Reporting
The Internal Revenue Service issued critical guidance on August 7, 2025, confirming that employers and businesses can proceed with Tax Year 2025 reporting using existing forms and procedures despite the passage of the One, Big, Beautiful Bill Act. This announcement provides essential clarity for organizations preparing for year-end payroll processing and information return filing. No... Read more »
