WASHINGTON (KFGO) – Republican U.S. Senators Kevin Cramer and John Hoeven have joined several other senators in sponsoring the SNOOP Act, which would repeal a law requiring 3rd-party, online payment platforms to report transactions over $600 to the IRS.
The Stop the Nosy Obsession with Online Payments Act would establish a $20,000 minimum yearly reporting threshold over 200 or more transactions.
“Small business owners and independent contractors need rescuing from this American Rescue Plan Act provision, which, fortunately, has yet to be implemented by the IRS. Our bill would prevent enforcement of the onerous regulation and institute a more reasonable reporting threshold,” said Senator Cramer. “This invasion of taxpayer privacy is another example of overreach by the Administration and should be stopped in its tracks.”
Cramer and Hoeven are joined by Bill Hagerty (R-TN), Cynthia Lummis (R-WY), Ted Cruz (R-TX), John Kennedy (R-LA), John Barrasso (R-WY), and James Lankford (R-OK).
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