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Less Reporting for Small Businesses and Freelancers

This bill aims to reduce administrative burdens for small businesses, gig workers, and freelancers. It changes the rules for reporting online transactions, raising the thresholds at which payment platforms must report transactions to the tax authorities. As a result, many small transactions will no longer be automatically reported, simplifying accounting for many individuals.
Key points
Increased reporting threshold for online transactions: payment platforms will only report transactions if their total value exceeds $20,000 AND the number of transactions exceeds 200 within a year.
Reduced burden for small businesses and freelancers: individuals earning below these thresholds will not have their transactions automatically reported to the tax authorities by payment platforms.
Changes will apply to calendar years beginning after December 31, 2021.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_948
Sponsor: Sen. Scott, Rick [R-FL]
Process start date: 2021-03-24
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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

A bill to protect American small businesses, gig workers, and freelancers by repealing the burdensome American Rescue Plan Act of 2021 transactions reporting threshold.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_948.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-03-24.

What are the main provisions?

Key points include:

  • Increased reporting threshold for online transactions: payment platforms will only report transactions if their total value exceeds $20,000 AND the number of transactions exceeds 200 within a year.
  • Reduced burden for small businesses and freelancers: individuals earning below these thresholds will not have their transactions automatically reported to the tax authorities by payment platforms.
  • Changes will apply to calendar years beginning after December 31, 2021.
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. Scott, Rick [R-FL].

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