Two rules changed recently enough that most businesses are still working to the old ones.
Two things most business owners are still doing the old way. The 1099-NEC filing threshold sat at $600 for a decade; for payments made in 2026 it is $2,000, and it indexes for inflation after that. And a FinCEN rule finalized on 14 August 2026 exempted US-formed companies from beneficial ownership reporting entirely, after two years of firms telling clients to file.
The Exemption Is a Rule, Not a Repeal
The Corporate Transparency Act itself is unchanged, and two petitions are pending at the Supreme Court for the fall 2026 term. Companies formed outside the US that registered to do business in a state still report. We track this rather than assume it, and we date-stamp what we tell you.
Keep collecting W-9s anyway
The 1099-NEC threshold moved from $600 to $2,000 for payments made in 2026. That reduces the number of forms you file. It does not change backup withholding, and it is not a reason to stop collecting a W-9 from every vendor before you pay them.
This post is general information about federal and state tax rules, not advice about your situation. Rules change. Check the date above before you rely on anything here, and talk to us about your own facts.