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Changes to Online Transaction Reporting and IRS Funding Cuts.

This bill restores the higher transaction reporting threshold for payment platforms (e.g., PayPal, Venmo) from $600 to $20,000 and 200 transactions, simplifying tax filing for freelancers and small businesses. Additionally, the proposal rescinds certain funds allocated to the Internal Revenue Service (IRS) for enhanced enforcement and operational support.
Key points
Payment platforms must report transactions to the IRS only if they exceed $20,000 AND 200 transactions annually, reducing the administrative burden for many online sellers.
Fewer gig workers or online sellers will receive 1099-K tax forms, simplifying their tax preparation.
Rescinds specific funds previously allocated to the IRS for increased enforcement and operational support.
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Expired
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Additional Information
Print number: 118_S_123
Sponsor: Sen. Scott, Rick [R-FL]
Process start date: 2023-01-30
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

BAD IRS Activities Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_123.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-01-30.

What are the main provisions?

Key points include:

  • Payment platforms must report transactions to the IRS only if they exceed $20,000 AND 200 transactions annually, reducing the administrative burden for many online sellers.
  • Fewer gig workers or online sellers will receive 1099-K tax forms, simplifying their tax preparation.
  • Rescinds specific funds previously allocated to the IRS for increased enforcement and operational support.
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: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 8.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Economy