SEN. MARSHALL SUPPORTS LEGISLATION TO PROTECT KANSAS SMALL BUSINESSES FROM IRS SNOOPING

Statement

U.S. Senator Roger Marshall, M.D. announced his support of the Stop the Nosy Obsession with Online Payments (SNOOP) Act, a bill to strike the tax code provision inserted by the Biden Administration in the American Rescue Plan (ARP) that requires third-party payment platforms to report businesses' gross transaction volumes totaling more than $600 to the Internal Revenue Service (IRS).

Prior to the ARP, payment providers were only required to report information when a payee had over 200 commercial transactions per year that exceeded $20,000. As a result of the new provision, thousands of small businesses will have to fill out 1099-Ks to provide their personal information to the IRS, despite the IRS' poor history of safeguarding Americans' personal data.

"The Democrats' attempt to force small businesses to report personal information to the IRS is incredibly intrusive, and violates the rights and privacy of hardworking Americans," said Senator Marshall. "This is just another example of the Biden Administration's mission to expand the federal government's control over every aspect of Americans' lives. I'm proud to support legislation that will stop the IRS from harassing U.S. taxpayers and safeguard the American people's financial privacy."

Source