Search Results for keywords:"backup withholding"

Search Results: keywords:"backup withholding"

H. R. 1882 — To amend the Internal Revenue Code of 1986 to reinstate the exception for de minimis payments by third party settlement organizations with respect to returns relating to payments made in settlement of payment card and third party network transactions, as in effect prior to the enactment of the American Rescue Plan Act, and for other purposes.
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March 05, 2025
Status:Introduced in House
Congress:119
Words:761
H.R. 1882, known as the “Saving Gig Economy Taxpayers Act,” aims to modify how certain small payments are reported by third-party settlement organizations, like payment apps or marketplaces, under the Internal Revenue Code of 1986. Specifically, it reinstates the previous thresholds for...
Simple Explanation
H.R. 1882 is a bill that wants to make it easier for people who work using apps like Uber or Etsy to report their earnings to the government; it says they only need to tell the government about their earnings if they make more than $20,000 and have over 200 payments in a year.
S. 1375 — To amend the Internal Revenue Code of 1986 to reinstate the exception for de minimis payments by third party settlement organizations with respect to returns relating to payments made in settlement of payment card and third party network transactions, as in effect prior to the enactment of the American Rescue Plan Act, and for other purposes.
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April 09, 2025
Status:Introduced in Senate
Congress:119
Words:660
S. 1375 seeks to amend the Internal Revenue Code to bring back an earlier exception for small payments made through third party settlement organizations, like the ones used in credit card and online payment networks, that existed before the American Rescue Plan Act....
Simple Explanation
S. 1375 is a bill that wants to make it so people and companies using things like credit cards and PayPal only have to tell the government about their payments if they are over $20,000 for the year or if they make more than 200 payments. It's like saying, "Only tell us if it's a lot of money or a lot of buying and selling!"

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