S. 948 — Repeal of American Rescue Plan Act of 2021 transactions reporting threshold
Summary
S. 948 is a bill introduced in the Senate on March 24, 2021, by Mr. Scott of Florida and referred to the Committee on Finance. It is a bill to protect American small businesses, gig workers, and freelancers by repealing the burdensome American Rescue Plan Act of 2021 transactions reporting threshold. Section 1 amends section 6050W(e) of the Internal Revenue Code of 1986 so that a third party settlement organization is required to report only if the amount exceeds $20,000 and the aggregate number of such transactions exceeds 200. The amendment applies to returns for calendar years beginning after December 31, 2021.
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Cite this document
“S. 948 — Repeal of American Rescue Plan Act of 2021 transactions reporting threshold.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117s948is-bills-117s948is/
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II
117TH CONGRESS
1ST SESSION
S. 948
To protect American small businesses, gig workers, and freelancers by repeal-
ing the burdensome American Rescue Plan Act of 2021 transactions
reporting threshold.
IN THE SENATE OF THE UNITED STATES
MARCH 24, 2021
Mr. SCOTT of Florida introduced the following bill; which was read twice and
referred to the Committee on Finance
A BILL
To protect American small businesses, gig workers, and free-
lancers by repealing the burdensome American Rescue
Plan Act of 2021 transactions reporting threshold.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. REPEAL OF MODIFICATIONS OF EXCEPTIONS
4 FOR REPORTING OF THIRD PARTY NETWORK
5 TRANSACTIONS.
6 (a) IN GENERAL.—Section 6050W(e) of the Internal
7 Revenue Code of 1986 is amended to read as follows:
pbinns on DSKJLVW7X2PROD with BILLS
8 ‘‘(e) EXCEPTION FOR DE MINIMIS PAYMENTS BY
9 THIRD PARTY SETTLEMENT ORGANIZATIONS.—A third
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2
1 party settlement organization shall be required to report
2 any information under subsection (a) with respect to third
3 party network transactions of any participating payee only
4 if—
5 ‘‘(1) the amount which would otherwise be re-
6 ported under subsection (a)(2) with respect to such
7 transactions exceeds $20,000, and
8 ‘‘(2) the aggregate number of such transactions
9 exceeds 200.’’.
10 (b) EFFECTIVE DATE.—The amendment made by
11 this section shall apply to returns for calendar years begin-
12 ning after December 31, 2021.
Æ
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