About the bill
This could even affect President Joe Biden’s secret Venmo account that BuzzFeed News found.
Context
Starting next year, third-party digital payment systems like Venmo, PayPal, CashApp, and Zelle must issue a tax form for customers who earn more than $600 a year through such platforms.
Officially, these customers were supposed to self-report such money to the Internal Revenue Service (IRS) all along. In practice, though, many of them weren’t. So Congress added the reporting provision in March 2021’s American Rescue Plan Act, the $1.9 trillion legislation ostensibly primarily focused on Covid relief.
The provision went relatively unnoticed at first, both because the bill was 242 pages and because the provision won’t take effect until tax reporting time in 2023. But as tax reporting for 2022 enters its final sprint, …
Sponsor and status
117th Congress (2021–2023)
This bill was introduced on March 15, 2022, in a previous session of Congress, but it did not receive a vote.
Although this bill was not enacted, its provisions could have become law by being included in another bill. It is common for legislative text to be introduced concurrently in multiple bills (called companion bills), re-introduced in subsequent sessions of Congress in new bills, or added to larger bills (sometimes called omnibus bills).
7 Cosponsors (6 Democrats, 1 Independent)
History
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Mar 15, 2022
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Introduced
Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber. |
S. 3840 (117th) was a bill in the United States Congress.
A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.
Bills numbers restart every two years. That means there are other bills with the number S. 3840. This is the one from the 117th Congress.
This bill was introduced in the 117th Congress, which met from Jan 3, 2021 to Jan 3, 2023. Legislation not passed by the end of a Congress is cleared from the books.
How to cite this information.
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“S. 3840 — 117th Congress: Cut Red Tape for Online Sales Act.” www.GovTrack.us. 2022. September 29, 2023 <https://www.govtrack.us/congress/bills/117/s3840>
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Where is this information from?
GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.
