IRS Filing Extensions for Forms 1099, 1042, and 1042-S: Key Updates for 2025
As year-end approaches, businesses must keep pace with evolving IRS filing and extension requirements for Forms 1099, 1042, and 1042-S. This guide summarizes the essential filing dates, extension procedures, and penalty structures for the 2025 reporting season—helping filers stay compliant and avoid costly errors.
IRS Draft Form W-9 (Jan. 2026) Release: Highlights and Impacts
On September 17, 2025, the IRS released a new draft of Form W-9 (Rev. January 2026). The primary changes focus on improving the collection of Taxpayer Identification Numbers (TINS) from sole proprietors and disregarded entities – areas that historically created challenges for both payors and payees.
The draft also introduces a new certification line and exempt payee code for U.S. digital asset brokers, aligning with recent regulatory developments and the implementation of Form 1099-DA reporting requirements.