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


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!


Streaming the Game: Transforming Sports Broadcasting in the Digital Era
February 20, 2024

The recent rise of streaming services over traditional terrestrial television has marked a significant shift in how audiences consume sports content. This evolution is propelled by advancements in digital technology and changing viewer preferences, emphasizing the need for a more immediate and interactive broadcast experience. The stakes are high, with platforms like Peacock streaming record-breaking […]

Read More
marketing team’s AI journey
Kickstarting a Marketing Team’s AI Journey
February 20, 2024

A marketing Team’s AI journey is necessary and critical for the success of a brand’s overall mission and execution. In the latest episode of the Marketing AI Sparkcast, host Aby Varma sits down with Daniel Englebretson, CEO of Elynox and an adjunct professor at Wake Forest University and Elon University, to discuss the evolution […]

Read More
behavioral finance
How Worldview Shapes Financial Decisions: Unveiling Behavioral Finance Insights
February 20, 2024

Untamed Ethos, hosted by Joshua Wilson of United Ethos Wealth Partners, examines the philosophical roots of financial decision-making, offering insights into behavioral finance. This episode features expert Robert E. Brooks, Ph.D., CFA, a Professor Emeritus at The University of Alabama, discussing how worldviews and upbringing influence financial choices. Dr. Brooks, known for his work […]

Read More