The IRS has issued new guidance on its phased rollout of 1099-K reporting requirements, impacting millions of users of platforms like PayPal, Venmo, Etsy, and eBay. These updates build on the IRS’s December 2023 announcement, where it delayed the implementation
O'Neil, Cannon, Hollman, DeJong & Laing S.C.
O'Neil, Cannon, Hollman, DeJong & Laing S.C. is a Wisconsin-based law firm that provides legal services primarily to businesses and their owners. The firm covers a broad range of practice areas including litigation, business law, mergers and acquisitions, banking and creditors' rights, tax planning and controversy, trust and estate planning, labor and employment, inheritance litigation, family law, and real estate and construction. Their publications focus on legal updates, practical guidance, and analysis relevant to these fields, often addressing recent legal developments, regulatory changes, and case law impacting employers, businesses, and individuals in Wisconsin.
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https://wilaw.com
Latest from O'Neil, Cannon, Hollman, DeJong & Laing S.C. - Page 2
Corporate Transparency Act Blocked Again
The U.S. Fifth Circuit Court of Appeals reinstated a nationwide injunction on the reporting of beneficial ownership information under the Corporate Transparency Act. The injunction issued by a Texas federal court in early December had been overturned last week by…
Corporate Transparency Act Reinstated With New Reporting Deadlines
On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit stayed a preliminary injunction of the Corporate Transparency Act. As a result, the U.S. federal government is again able to enforce the CTA, which includes the reporting…
Reminder: Wisconsin Electric Vehicle Charging Station Excise Tax and Registration Requirements Begin January 1, 2025
Beginning January 1, 2025, Wisconsin will implement a new excise tax on electric vehicle (EV) charging stations under 2023 Wisconsin Act 121. If your business owns, operates, manages, or leases EV charging stations, here’s what you should know:
Who Must…
Corporate Transparency Act Injunction Alert
On December 3, 2024, the U.S. District Court for the Eastern District of Texas granted a preliminary, nationwide injunction enjoining the United States federal government from enforcing the Corporate Transparency Act (“CTA”), which includes the reporting of beneficial ownership information…
IRS Invalidates Discounts Used in an FLP Formed Shortly Before Death
By Carl Holborn
The recent Tax Court case Estate of Anne Milner Fields v. Commissioner underscores the risks involved when transferring assets to a family limited partnership or family limited liability company close to death. Approximately a month before Anne Milner Fields died,…
Judge Blocks DOL Increase to Salary Thresholds for Exempt Workers
By Erica Reib
In April 2024, the Department of Labor announced a final rule, entitled Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Executives, which aimed to increase the salary that employees must be paid, in addition to performing…
What to Expect for Tax Policy in 2025 After Trump’s Election Victory
The recent election of Donald Trump as president signals potential changes to the U.S. tax code in 2025. Some anticipated adjustments align with Trump’s proposals to extend or expand certain cuts from the Tax Cuts and Jobs Act of 2017,…
2025 IRS Tax Adjustments: What You Need to Know
The IRS has released inflation adjustments for the 2025 tax year, bringing changes to tax brackets, deductions, and credits that may affect taxpayers across income levels. Here’s a quick overview of the updates:
Income Tax Brackets
Tax brackets will…
What is the Difference Between a Private Foundation and a Donor-Advised Fund?
By Carl Holborn
When high-net-worth individuals and families incorporate charitable giving into their estate planning, they often consider donor-advised funds and private foundations as vehicles for managing their philanthropy. Both options have unique advantages, and the choice depends on the donor’s goals, level…