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Easier Online Sales: Higher Income Reporting Threshold

This act raises the threshold at which online sales platforms must report your income to the tax authorities. This means if you sell online and earn less than $5,000 annually, the platform won't have to send information about your transactions. The act also introduces clearer rules for the income information you receive.
Key points
The income reporting threshold for online sellers is raised from $600 to $5,000 annually.
Online sales platforms will be required to provide simpler and clearer explanations regarding Form 1099-K, which reports your income.
These changes apply to income earned starting from the 2022 calendar year.
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Additional Information
Print number: 117_S_3840
Sponsor: Sen. Hassan, Margaret Wood [D-NH]
Process start date: 2022-03-15
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Cut Red Tape for Online Sales Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_3840.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-03-15.

What are the main provisions?

Key points include:

  • The income reporting threshold for online sellers is raised from $600 to $5,000 annually.
  • Online sales platforms will be required to provide simpler and clearer explanations regarding Form 1099-K, which reports your income.
  • These changes apply to income earned starting from the 2022 calendar year.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Hassan, Margaret Wood [D-NH].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Economy