S 3840
117th Congress
Senate
Taxation
Cut Red Tape for Online Sales Act
Introduced: March 15, 2022
Introduced by:
Hassan, Margaret Wood
Democratic
· New Hampshire
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 15, 2022
Read twice and referred to the Committee on Finance.
Mar 15, 2022
Introduced in Senate
Plain-English summary
Cut Red Tape For Online Sales Act
This bill modifies requirements for third party settlement organizations to eliminate their reporting requirement with respect to the transactions of their participating payees unless they have earned $5,000 or more. A third party settlement organization is the central organization that has the contractual obligation to make payments to participating payees (generally, a merchant or business) in a third party payment network.
The bill also requires entities that report income to to issue a plain-language description of the taxability of income reported on Form 1099-K.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1