Red Tape Reduction Act of 2023
This bill modifies tax reporting rules for third-party settlement organizations (like payment processors) by raising the threshold for mandatory reporting. It exempts transactions where either the amount per transaction is under $10,000 or the total number of transactions in a year is under 50. This directly affects payment processors handling numerous small-value transactions, reducing their administrative burden. The change applies to transactions settled after December 31, 2022, and aims to simplify compliance with IRS reporting requirements.
Bill status
in committee
1 of 4 stages cleared
Introduction
May 2023
Committee Review
Floor Vote
President
Introduced May 30, 2023
Last action May 30, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
May 30, 2023
Committee
Read twice and referred to the Committee on Finance.
upper
May 30, 2023
Introduced
Introduced in Senate
upper
1 primary · 5 co-sponsors
Sponsors
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