Sen. Kevin Cramer, R-N.D., and seven other senators have signed onto a bill that would repeal the tax threshold for reporting third-party payments.
Under a provision in the American Rescue Plan Act, business transactions over $600 annually would be reported to the IRS by the payment platforms.
The Stop the Nosy Obsession with Online Payments Act, known as the SNOOP Act, would keep the threshold at $20,000 a year for at least 200 transactions.“Small business owners and independent contractors need rescuing from this American Rescue Plan Act provision, which, fortunately, has yet to be implemented by the IRS,” Cramer said in […]
Article Source: justthenews.com
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