Author Topic: Senate Bill S.26 The SNOOP Act of 2023  (Read 450 times)

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Offline W1RC

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Senate Bill S.26 The SNOOP Act of 2023
« on: May 09, 2023, 09:41:24 PM »
Good news for all who sell stuff online.

This is about the 1099-K tax forms related PayPal, eBay Managed Payments, Venmo, etc.

A provision of the American Rescue Plan Act (P.L. 117-2) changed who would receive 1099-K forms from third-party settlement organizations (TPSOs), like Venmo, PayPal, and Cash App. Previously, people who had more than 200 transactions and payments totaling more than $20,000 received these forms. As it stands now, starting next January, people with payments totaling more than $600 are scheduled to receive these forms. The intent of the legislation was to better catch financial crimes like money laundering and tax evasion.

The Internal Revenue Service delayed implementation of the change and it will no longer take effect in January 2023 for the 2022 tax year as was originally the case. The Stop the Nosy Obsession with Online Payments (SNOOP) Act (S. 26) would permanently reverse the change implemented by the American Rescue Plan Act. The bill has been referred to the Senate Committee on Finance.

Here is the text if the bill:  https://www.congress.gov/bill/118th-congress/senate-bill/26/text?s=1&r=50

https://govtrackinsider.com/republicans-snoop-act-democrats-cut-red-tape-for-online-sales-act-would-change-2023-tax-9a3cef3eb063

We should all write our senators  and urge them to support this bill.