H.R.1882

Saving Gig Economy Taxpayers Act reinstates de minimis payment exception for third party settlement organizations.

The Saving Gig Economy Taxpayers Act amends the Internal Revenue Code to reinstate the exception for de minimis payments by third party settlement organizations. This exception applies to returns relating to payments made in settlement of payment card and third party network transactions. Specifically, a third party settlement organization must report information on third party network transactions only if the amount exceeds $20,000 and the number of transactions exceeds 200. The bill also applies the de minimis rule to backup withholding.