By KIM JARRETT | THE CENTER SQUARE
Eight Republican senators have signed onto a bill that would repeal the tax threshold for reporting third-party payments.
Under a provision in the American Rescue Plan Act, business transactions over $600 annually would be reported to the IRS by the payment platforms.
Led by U.S. Sen. Kevin Cramer, R-N.D., the Stop the Nosy Obsession with Online Payments Act, (SNOOP Act) would keep the threshold at $20,000 a year for at least 200 transactions.
“Small business owners and independent contractors need rescuing from this American Rescue Plan Act provision, which, fortunately, has yet to be implemented by the IRS,” Sen. Cramer said in a news release. “Our bill would prevent enforcement of the onerous regulation and institute a more reasonable reporting threshold.”
Cramer co-sponsored a similar bill last year. According to congressional records, it was assigned to the Senate Finance Committee but never made it to the Senate floor for a vote.
The IRS has delayed enforcing the regulation for the 2022 tax year.
“This invasion of taxpayer privacy is another example of overreach by the Administration and should be stopped in its tracks,” he said.
“The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan,” Acting IRS Commissioner Doug O’Donnell said in December. “The additional time will help reduce confusion during the upcoming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements.”
Sens. John Hoeven, R-N.D, Bill Hagerty, R-Tenn., Cynthia Lummis, R-Wyo., Ted Cruz, R-Texas, John Kennedy, R-La., John Barrasso, R-Wyo. and James Lankford, R-Okla. are co-sponsors of the bill.
The fact that the administration is concerned about 600 dollar transactions is comical, especially when they spend like a bunch of drunken sailors, with no accountability whatsoever! It’s all just a joke at this point. Sad,,,,the jokes on us ??
They want to control you and your finances. They want to know where you spend money and want private businesses to ban transactions for firearms and other items the left disapproves of. That is why they want a digital national currency and want banks to have a code for credit card purchases of firearms and ammunition. They want their gun registry and will go to any length to obtain it.
Drunken sailors spend until the money is gone. The politicians keep spending even though it is long gone.
According to Wikipedia the threshold for felony is typically between $1000 to $2500 depending on where one lives. It’s interesting that the IRS is prepared to make up rules to their own liking! I guess that they need something for the thousands of New employees they were hoping to hire!
‘https://www.criminaldefenselawyer.com/crime-penalties/federal/Felony-Theft.htm
Good luck getting this past Princess and her lackey Swampy Dan.
I didn’t see Lisa’s or Dan’s name on the bill as co-sponsors. Not surprising though.
Traitor Zho will surely veto it!!!
Accounting software does not care if it is $600, or 200 transactions totalling $20,000, the software will automatically track and print 1099 forms. This is all about tribal messaging
Oh. Great idea, tho.
Just pay cash no banks or government involved. Get cash and spend cash only. We all need to pay in cash only. Let the businesses report their cash to uncle joe the liar.
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