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Raising Online Transaction Reporting Threshold to $10,000 or 50 Transactions.

This bill raises the threshold at which third-party payment platforms (like Venmo or PayPal) must report commercial transactions to the IRS. Reporting is now only required if the annual payment amount exceeds $10,000 or the total number of transactions exceeds 50. This change aims to reduce the administrative burden and 'red tape' for small businesses and casual sellers.
Key points
Payment platforms are exempt from reporting your transactions to the IRS if the annual total does not exceed $10,000.
Reporting is also waived if the aggregate number of commercial transactions during the year is 50 or less.
These new reporting limits apply retroactively to transactions settled after December 31, 2022.
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Expired
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Additional Information
Print number: 118_S_1761
Sponsor: Sen. Brown, Sherrod [D-OH]
Process start date: 2023-05-30
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

Red Tape Reduction Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1761.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-05-30.

What are the main provisions?

Key points include:

  • Payment platforms are exempt from reporting your transactions to the IRS if the annual total does not exceed $10,000.
  • Reporting is also waived if the aggregate number of commercial transactions during the year is 50 or less.
  • These new reporting limits apply retroactively to transactions settled after December 31, 2022.
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. Brown, Sherrod [D-OH].

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 2025-12-26.

CATEGORIES

Taxes Economy