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Online Payment Reporting Changes: Higher Thresholds for Sellers

This act reinstates higher online payment reporting thresholds for platforms like PayPal or Venmo. This means these platforms will only need to report transactions to the IRS if their total value exceeds $20,000 OR the number of transactions exceeds 200 within a year. The goal is to reduce the burden on individuals selling goods or services online on a smaller scale.
Key points
Raises the online payment reporting threshold to $20,000 OR 200 transactions annually.
Fewer small online sellers will have their transactions automatically reported to the IRS.
Changes apply to calendar years beginning after December 31, 2024.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_1375
Sponsor: Sen. Hagerty, Bill [R-TN]
Process start date: 2025-04-09
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

SNOOP Act of 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_1375.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-04-09.

What are the main provisions?

Key points include:

  • Raises the online payment reporting threshold to $20,000 OR 200 transactions annually.
  • Fewer small online sellers will have their transactions automatically reported to the IRS.
  • Changes apply to calendar years beginning after December 31, 2024.
What is the specific legal status?

The current status is Introduced.

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. Hagerty, Bill [R-TN].

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 2025-12-23.

CATEGORIES

Taxes