New IRS laws & the “Big Beautiful Bill” — how could they affect you?
There's been a lot of talk about the new “Big Beautiful Bill” and other IRS changes. They don't only affect large companies — they also impact self-employed workers, business owners, ITIN families, and drivers for Uber, DoorDash, Lyft, and Amazon Flex.
Changes and proposals include: more IRS monitoring and electronic reporting; new rules for digital payments and platforms; possible changes to credits and deductions; greater focus on people not reporting income correctly; and updates around overtime, tips, and certain tax credits.
Now more than ever it's important to: keep your income organized, save receipts and mileage, never mix personal and business accounts, properly report income from cash, Zelle, Cash App, Venmo, etc., and file on time and correctly.
Many people believe “if I didn't get a 1099 I don't have to report it” — that is NOT always true. The IRS receives more and more information directly from banks, apps, and electronic platforms.
The good news: with smart planning there are still many legal strategies to reduce taxes and protect yourself. If you have questions about how these changes affect you or your business, call us at 314-330-4425.
