,,ii  #aagth ,,congress  #b;d ,session  
,s4 #chdj  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #ae1    
#bjbb,ms4 ,hassan 7for herself and ,ms4 
,sinema7 introduced the following bill2 
which was read twice and referred to the
 ,committee on ,finance  ,a ,,bill  ,to 
amend the ,internal ,revenue ,code of   
#aihf to increase the threshold for the 
de minimis exception for information    
reporting by third party settlement     
organizations4  #a4 ,short title ,this  
,act may be cited as the ,cut ,red ,tape
 for ,online ,sales ,act4  #b4          
,modification of de minimis threshold   
for information reporting by third party
 settlement organizations  7a7 ,in      
general ,section #fjej,w7e7 of the      
,internal ,revenue ,code of #aihf is    
amended by striking exceed #fjj and     
inserting equal or exceed #e1jjj4  7b7  
,effective date ,the amendment made by  
this section shall apply to returns for 
calendar years beginning after ,december
 #ca1 #bjba4  #c4 ,application of backup

 withholding with respect to third party
 network transactions  7a7 ,in general  
,section #cdjf7;b7 of the ,internal     
,revenue ,code of #aihf is amended by   
adding at the end the following new     
paragraph3  7#h7 ,other reportable      
payments include payments in settlement 
of third party network transactions only
 where aggregate for calendar year is   
#e1jjj or more ,any payment in          
settlement of a third party network     
transaction required to be shown on a   
return required under section #fjej,w   
which is made during any calendar year  
shall be treated as a reportable payment
 only if-- 7,a7 the aggregate amount of 
such payment and all previous such      
payments made by the third party        
settlement organization to the          
participating payee during such calendar
 year equals or exceeds #e1jjj1 or  7,b7
 the third party settlement organization
 was required under section #fjej,w to  
file a return for the preceding calendar
 year with respect to payments to the   

participating payee4  4  7b7 ,effective 
date ,the amendments made by this       
section shall apply to calendar years   
beginning after ,december #ca1 #bjba4   
7c7 ,transitional rule for #bjbb ,in the
 case of payments made during calendar  
year #bjbb1 section #cdjf7;b77#h77;,a7  
of the ,internal ,revenue ,code of #aihf
 7as added by this section7 shall be    
applied by inserting and the aggregate  
number of third party network           
transactions settled by the third party 
settlement organization with respect to 
the participating payee during such     
calendar year exceeds #bjj before the   
comma at the end4  #d4 ,plain language  
notice to payees regarding form #ajii-,k
  7a7 ,in general ,section #fjej,w of   
the ,internal ,revenue ,code of #aihf is
 amended by redesignating subsection 7g7
 as subsection 7h7 and by inserting     
after subsection 7f7 the following3  7g7
 ,plain language description required   
,every person required to furnish a     
written statement under subsection 7f7  

shall simultaneously issue to the       
recipient of such statement a plain     
language notice explaining the contents 
of such statement using a ,form or      
notice issued by the ,internal ,revenue 
,service4  4  7b7 ,effective date ,the  
amendments made by this section shall   
apply to statements issued in taxable   
years beginning after the date of the   
enactment of this section4  7c7         
,establishment of notice to taxpayers   
with respect to form #ajii-,k  7#a7 ,in 
general ,not later than #ij days after  
the date of the enactment of this       
section1 the ,secretary of the ,treasury
 7or the ,secretary's delegate7 shall   
amend ,form #ajii-,k to include1 in     
plain language1 a notice with respect to
 such ,form4  7#b7 ,regulations and     
guidance ,the ,secretary of the         
,treasury may prescribe such regulations
 or other guidance as may be necessary  
or appropriate to carry out this        
subsection4