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You already make important compliance decisions, from filing W-2s and 1099s to managing business responsibilities. We asked Tyler Lang, CFA, CMT, founder and CEO of Journey Advisory Group, how those same decision-making skills can help you choose the right financial advisor.

During filing season, sending 1099s to the IRS is often only half the job payers need to complete. A payer with contractors in California and Oregon, or a firm filing for a dozen clients, can still owe state copies the federal filing never reaches. Whether it does depends on the form, any state tax withheld, and the amount reportable to each state.

A big change is coming for businesses that e-file information returns such as Forms 1099, 1098, 1042-S and 5498. For tax year 2026, filing in 2027, the IRS is retiring the Filing Information Returns Electronically (FIRE) system it  has used for decades.

A single missed detail, such as an outdated threshold, a stale TIN, or an unclear filing role, can surface repeatedly across a client base. This piece compiles the current penalty structure, the 2026 reporting threshold change, and the notice and correction mechanics a provider is likely to encounter while supporting client filings.

The 2026 filing season (for tax year 2025) is the final season before the $600 threshold applicable to certain Forms 1099-NEC and 1099-MISC payments increases to $2,000. That threshold rises to $2,000 starting with tax year 2026 payments, reported in the 2027 filing season.

The IRS is modernizing information return filing by replacing the Filing Information Returns Electronically (FIRE) system with the Information Returns Intake System (IRIS). Beginning with Filing Tax Year 2026 (forms filed in 2027), information returns submitted through Yearli will be processed through the IRS's newer modernized IRIS platform.