Saving Gig Economy Taxpayers Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Saving Gig Economy Taxpayers Act, aims to reinstate a previous rule regarding how payments made through third-party settlement organizations (like payment card networks) are reported to the IRS. Specifically, it adjusts the reporting thresholds for these transactions, reducing the reporting requirements for smaller payments. It also modifies backup withholding rules to account for these settlement transactions.
Key provisions
- Reinstates a de minimis reporting threshold for third-party settlement organizations.
- Sets a $20,000 threshold for reporting third-party network transactions.
- Establishes a 200-transaction threshold for reporting third-party network transactions.
- Modifies backup withholding rules to consider third-party network transactions.
- Creates an exception to backup withholding if payments were reported in the prior year.
- Applies the changes starting December 31, 2024.
Who is affected
- Gig economy workers
- Payment card networks
- Third-party settlement organizations
- Businesses that utilize payment card networks
- The Internal Revenue Service
Notable changes
- Reverses changes made by the American Rescue Plan Act regarding reporting thresholds for third-party network transactions.
Bill text
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Sponsors
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32 on record
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