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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.
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Status:
Expired
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Additional Information
A bill to protect American small businesses, gig workers, and freelancers by repealing the burdensome American Rescue Plan Act of 2021 transactions reporting threshold.
Print number: S 948
Sponsor: Sen. Scott, Rick [R-FL]
Process start date: 2021-03-24
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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Summary & Status

Key Questions about Less Reporting for Small Businesses and Freelancers

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is 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.

Analysis and Potential Impact of S 948

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Taxes Economy