Proposal:Cut Red Tape for Online Sales Act

This proposal is archived and closed to further debate. It was introduced in the 117th Congress, which has concluded, and the bill was not enacted into law.

Bill	S 3840
Type of Legislation	Senate Bill
Congress	117
Status	Archived — 117th Congress concluded
Source	View original on Congress.gov

Geographic Scope

National

Description

Cut Red Tape For Online Sales Act

This bill modifies requirements for third party settlement organizations to eliminate their reporting requirement with respect to the transactions of their participating payees unless they have earned $5,000 or more. A third party settlement organization is the central organization that has the contractual obligation to make payments to participating payees (generally, a merchant or business) in a third party payment network.

The bill also requires entities that report income to to issue a plain-language description of the taxability of income reported on Form 1099-K.

Bill Title

Cut Red Tape for Online Sales Act

Linked Goals

• Goal:Promote General Welfare

Steps

• 2022-03-15: Read twice and referred to the Committee on Finance.
• 2022-03-15: Introduced in Senate

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.