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

Benchmark
What Is It Like for You to Be Part of the Benchmark Products Teams Now
December 23, 2025

Being part of the Benchmark Products team today means working at the intersection of precision manufacturing and deeply human collaboration, especially in the high-stakes world of cleanroom and sterility assurance solutions. As the organization grows, employees describe a culture that still feels familial—one where clear communication, personal accountability, and genuine care for customers drive…

Read More
Cleaning
Do Your Friends Ever Ask You For Cleaning Tips
December 23, 2025

In a media landscape increasingly shaped by privacy constraints, data clean rooms have emerged as a quiet but powerful way for brands to collaborate without exposing sensitive information, even if, as Will Sepsis quips, some partners would still prefer that “ignorance is bliss.” That tension—between curiosity and caution—captures the moment we’re in, where understanding…

Read More
Clean
Do You Friends Ask You For Cleaning Methods or Clean Their Home
December 23, 2025

At Benchmark Products, where cleanroom precision is part of everyday work, professionals often discover that specialized knowledge doesn’t always translate neatly into casual conversations—especially when friends jokingly wonder if you’ll critique their homes or turn them into germaphobes. The reality is that cleanroom science is about controlled environments and risk mitigation at an industrial scale,…

Read More
cleaner
Has Working at Benchmark Made You Cleaner at Home
December 23, 2025

At Benchmark Products, where clean room discipline is second nature, the habits forged on the job often follow employees home, turning everyday chores into a mindful extension of professional rigor. As voices like Will Sepsis illustrate, working in environments where precision cleaning protects products and people alike can quietly reshape how you see a…

Read More