LAT Financial Group

H.R. 1 keeps the Form 1099-K reporting requirement: payors must report payments via card, third-party networks, etc.

The threshold remains 200 transactions and at least $20,000.

Additionally, H.R. 1 raises the threshold for 1099-MISC and 1099-NEC reporting from $600 to $2,000 (starting 2026) for service payments.

Make sure your preparers understand when 1099-K applies and which reporting rules shift in 2026+.

Grab your tax updates here: taxiqacademy.com

H.R. 1 creates “Trump Accounts”, a tax-advantaged savings vehicle for children👶🧒.

Key points:
✅You can contribute up to $5,000 per child per year.
✅Employers can also contribute, up to $2,500 toward employees’ children’s accounts.
✅Government gives $1,000 seed for children born between Jan 1, 2025 and Dec 31, 2028.
✅Earnings inside the account grow tax-deferred.
✅Contributions are not deductible.

This is a long-term play—use it in client planning with kids.

Learn the specifics with our Updates course at taxiqacademy.com

H.R.1 expanded the QBI deduction:

Phase-out limits rise to $75,000 (single) and $150,000 (MFJ). Was? $50k/$100k!

This gives more taxpayers access to one of the most valuable small business deductions.

📚 Learn the details inside our IRS-approved courses: taxiqacademy.com