Ending Mandatory 1099-K Reporting for Payment Settlement Entities
This bill aims to eliminate the requirement for payment settlement entities (like online platforms or card processors) to file Form 1099-K, which reports transactions made by sellers and individuals to the IRS. This means citizens engaging in online sales or receiving payments through third-party networks will no longer be automatically reported to the IRS via this mechanism. The change reduces administrative burdens for businesses and potentially simplifies reporting for individuals, although they remain obligated to report all income themselves.
Key points
Repeals Section 6050W of the Internal Revenue Code, removing the requirement for payment settlement entities to file returns (Form 1099-K) related to certain payment card and third-party network transactions.
Citizens conducting business or sales through online platforms will no longer have these specific transactions automatically reported to the IRS.
The changes apply to tax returns for calendar years beginning after the date the act is enacted.
Status:
Expired
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