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Reporting Requirements Internal Revenue Service Contests & Promotions

BakerHostetler

Congratulations, Promotion Sponsors – You’ve Won Less Prize Paperwork!

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Great news for brands operating consumer promotions, sweepstakes, and contests! Effective for the 2026 tax year, the One Big Beautiful Bill Act (P.L. No. 119-21) raises the threshold for issuance of a Form 1099-MISC from $600...more

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