In 2021, Congress enacted the Corporate Transparency Act (CTA) to deter illegal activities, such as money laundering and other financial crimes. Toward that end, the CTA requires defined “reporting companies” to file beneficial ownership interest (BOI) reports with the Financial Crimes Enforcement Network (FinCEN), being an arm of the United States Department of Treasury.

On Tuesday, November 21, 2023, the IRS opted to forego the $600 threshold for issuing Forms 1099-K for business transactions conducted via Venmo, CashApp, etc., opting to implement the forms for transactions exceeding $5,000.