# What's new for the 2025 Tax Season

# _One Big Beautiful Bill Act -_ New Tax reporting requirements for 1099 tax reporting:
As part of the implementation of the [_One Big Beautiful Bill Act_](https://www.congress.gov/bill/119th-congress/house-bill/1/text), significant changes will be made for tax year 2025, impacting the 1099-K reporting threshold and how eligible tip income is reported.
Key Changes Include:
* **1099-K Filing Threshold**: The 1099-K filing threshold is **$20,000** in total gross volume and **200 transactions** for 2025.
* **Reporting of Qualified Tips**: We are closely monitoring IRS guidance related to reporting regulations and timelines for the “no tax on tips” provision. Recent [IRS guidance](https://www.irs.gov/newsroom/irs-announces-no-changes-to-individual-information-returns-or-withholding-tables-for-2025-under-the-one-big-beautiful-bill-act) states that as part of the phased implementation of the OBBB, **existing 1099 forms will not be changed for the 2025 tax year and qualified tips will not be reported.**
We will keep you informed about further developments and how they may impact the 1099 product as new information becomes available. We recommend that you speak to your tax advisor with any questions or concerns around tax reporting.
_This article is neither legal advice nor tax advice. We recommend that you speak to your tax advisor with any questions or concerns around tax reporting._