A bill to amend the Internal Revenue Code of 1986 to modify the exception for de minimis payments by third party settlement organizations.
Red Tape Reduction Act of 2023
This bill modifies the reporting requirements for payments made in settlement of payment card and third party network transactions. Under current law, settlement organizations are not required to report information for transactions that do not exceed $600. This bill increases the reporting threshold so that settlement organizations are exempt from reporting requirements if the applicable transactions do not exceed $10,000, or there are no more that 50 such transactions.
Read twice and referred to the Committee on Finance.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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