How a New Tax Proposal Can Improve Tax Compliance Among Businesses

 

3 Key Points:

  1. Tax proposal could close up the use of LLC’s by foreign individuals who provide services abroad which is currently considered foreign income by the United States but often times not taxed in the foreign country.
  2. A change to the 1099-K to $600 could make an impact on how many LLC’s continue to do this format because a LLC with a foreign owner can’t technically sign a W-9 form to receive payments in the U.S.
  3. Could have a huge impact on payment processors who will have to file so many more information returns than they do at the moment

Commentary:

A recent new tax proposal could change the bank reporting standards. In this proposal from the Biden administration banks would have to monitor activity from bank accounts that have balances over $600. The proposal is expected to help The Internal Revenue Services improve tax compliance when it comes to taxes owed by businesses. MarketScale asked Crystal Stranger who is an International Tax Director about these potential changes and she believes the proposal’s purpose is to close up international tax shelters.

Follow us on social media for the latest updates in B2B!

Image

Latest

medicine
The Art of Recovery: Where Music and Medicine Meet in Patient Care
May 14, 2026

Healthcare today can feel overwhelming—not just for patients, but for the teams caring for them. After a major illness or injury, recovery isn’t handled by one doctor alone; it often involves a whole network of specialists, from physical therapists to nurses to social workers, all trying to help someone regain their independence and quality…

Read More
infant health
From Monitoring to Knowing: How Owlet Is Redefining Infant Health at Retail
May 14, 2026

Baby monitors have long promised parents the ability to see and hear their child from another room. But as connected health devices become more normalized in everyday life, from smartwatches to sleep trackers, parents are beginning to expect more than visibility. They want insight. For Owlet, that shift matters because its wearable monitors track…

Read More
SPD
Unlocking CensisAI²: The Metrics That Matter for Smarter SPD Decisions
May 13, 2026

Sterile processing departments are swimming in data, from workflow automation and supply data to patient outcome and quality metrics. But the real challenge is not collecting more information; it is knowing which metrics actually improve SPD performance, technician education, OR readiness and patient safety. For Censis, a leader in surgical asset management, the focus…

Read More
User-generated content
The New Rules of Discoverability: How User-Generated Content Is Reshaping Search, Trust, and Brand Visibility
May 12, 2026

User-generated content (UGC) is moving from marketing side dish to main course as large language models change how people discover brands, products, creators, and ideas. Customer reviews, forum posts, videos, and community conversations increasingly carry more influence than polished brand copy because they feel more specific, lived-in, and trustworthy. As AI systems learn from…

Read More