22. Department of the Treasury · Minor · Needs Congress
Review the information reporting regime and reduce its burden on the public
Printed page 701 22. Department of the Treasury
“Congress and the Treasury Department must undertake a serious review of the information reporting regime and reduce the burden on the public—especially small businesses.”
What has happened
- Partially done
Congress reduced the information-reporting burden in two of its most-complained-of places. Section 70432 of Public Law 119-21 repealed the American Rescue Plan's $600 third-party network reporting rule and reinstated the $20,000-and-200-transactions exception in section 6050W(e), retroactively to that Act's enactment, and extended the same de minimis rule to backup withholding; section 70433 raised the general section 6041 information-reporting threshold from $600 to $2,000. Both fall on small businesses and gig workers, whom the Quote singles out. No systematic review of the information reporting regime as a whole has been undertaken by Congress or the Treasury Department.
Research log
What was searched, and what didn’t count as evidence
Research notes
partial rather than done because the Quote asks for “a serious review of the information reporting regime” and there has been none; two thresholds were raised without a review behind them.
FinCEN’s narrowing of beneficial ownership reporting (#1991, #1992) removes a separate small-business reporting burden and is recorded there. #1945 carries the same two sections for the different ask of opposing a proposed expansion.
- Action
- restrict
- Object
- federal information reporting regime
- ID
- 1960