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!"