
How Businesses Can Decipher Noise From Noteworthy In Tax Policies
Kevin Akeroyd is the CEO of Sovos, the always-on compliance company.
getty
In the early days of a new administration, the business world is hyper-focused on the tax and financial policies being introduced or modified. This is only natural, as sudden changes to economic conditions can directly impact a business's operations and financial performance now and for years to come.
What's not always easy to decipher, however, is what represents real change and what's just noise.
There's a lot of noise around issues that may not have long-term consequences, and not nearly enough attention is being focused on policies currently going into effect that will impact businesses this year. I get it. Terms like tariffs and trade wars are interesting, exciting and probably a bit scary. They garner readership and attention.
As CEO of a tax compliance technology company, I spend most of my time talking to large corporations and mid-sized enterprises alike. I can tell you from first-hand experience that there's uneasiness in the ranks and that compliance has been elevated to one of the core risk factors in the C-suite. This article is intended to help your business block out the noise and navigate the path to growth while avoiding the pitfalls of modern tax compliance.
What is very real and way underrepresented in our media and daily consciousness is the ever-widening tax gap. As of 2022, our government has a gross tax gap of approximately $700 billion, with many experts predicting it will reach one trillion dollars within the next decade.
The IRS defines the tax gap this way: The gross tax gap is the difference between true tax liability for a given tax year and the amount that's paid on time. It comprises the non-filing gap, the underreporting gap and the underpayment (or remittance) gap. The net tax gap is the portion of the gross tax gap that will never be recovered through enforcement or other late payments.
The most important element of this definition is the reference to the net tax gap that will never be recovered. Ensuring that this number is kept as small as possible is fueling many of the policy changes we are seeing enacted today. The government wants and needs this revenue and is taking significant steps to ensure it gets it.
For example, the government is actively lowering reporting thresholds. Previously, 1099-K reporting obligations for Third-Party Settlement Organizations (TPSOs) arose after making payments of $20,000 or more and 200 or more transactions to a single payee. Beginning in tax year 2024, this was reduced to a $5,000 reporting threshold without regard to the number of transactions. For tax year 2025, the threshold will be reduced to $2,500, and for tax year 2026 and beyond, the statutory threshold of $600 will be enforced without exception.
As you can see, the focus and reach of the IRS is getting narrower to capture all possible revenue streams.
For business leaders, this should serve as a sign to question their infrastructure to meet the new demands of government regulations and oversight. Do you have the right technology and processes in place? Are you keeping up with the increased complexity and rapidly changing regulatory environment? If you fail to meet the compliance standard, what does that mean for your business? Will you face an audit, financial penalties or forfeiture of licensing?
It can be especially daunting for technology companies working to navigate the world of compliance, most notably multinational companies that have to meet the local obligations of every country and jurisdiction in which they operate. What's most important is that businesses take a proactive stance on compliance and implement the tools and internal protocols necessary to meet today's standards while future-proofing operations.
Over the past decade, many businesses have begun accepting and making payments through cryptocurrencies or other digital assets. A 2022 survey from Deloitte found that 85% of merchants see crypto as a way to reach new customers, while 77% said they are accepting crypto because of its lower transaction fees.
However, recent changes suggest that the government fully intends to give this area as much focus and scrutiny as other areas of tax code enforcement.
It's been widely reported that this administration is supposedly crypto-friendly. Yet, this doesn't change the fact that the world of digital assets is about to undergo significant changes. These moves will usher in new waves of regulatory and tax compliance challenges.
In the U.S., the IRS now requires gross proceeds reporting on new Form 1099-DA beginning with 2025 transactions. This includes collecting certified U.S. taxpayer identification numbers (TINs) on Form W-9, utilizing the IRS TIN matching system to verify the name and TIN combinations and backup withholding of 24% taxes on any payments that cannot be validated. Starting with 2026 transactions, cost basis details will also need to be reported on the new Form 1099-DA.
Ensuring that you have the technology and capabilities in place to manage it effectively and are working with reputable and trustworthy brokers becomes increasingly important.
The bottom line is that the first days of any administration receive disproportionate attention to new policies, new figures in leadership positions and new stated priorities.
I recommend that business leaders focus on existing laws, tax obligations and regulations that they need to prepare their businesses for. In other words, block out the noise and focus on what's real and actually happening. Analyze your current systems, ensure your tax people understand which rules are in place and understand how that impacts your reporting obligations.
The U.S. faces a massive tax gap, and the IRS now has more advanced tools and resources than ever before to pursue unpaid taxes—and they will.
The only question is, will you be ready?
The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
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