| Bill | HR 7079 |
|---|---|
| Type of Legislation | House 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
Steps
- 2022-03-15: Referred to the House Committee on Ways and Means.
- 2022-03-15: Introduced in House
- 2022-03-15: Introduced in House
Projected Outcome
A more informed proposal or public response aligned with the Promote General Welfare goal.