Bill > S1761

This bill, the Red Tape Reduction Act of 2023, amends the Internal Revenue Code to modify the exception for de minimis (small) payments by third-party settlement organizations, such as payment processors. Specifically, the bill exempts these organizations from reporting requirements on payments to participating payees (individuals or businesses receiving payments) if either the payment amount does not exceed $10,000 or the total number of transactions does not exceed 50. This change is intended to reduce the administrative burden on these organizations and participating payees for small or infrequent transactions.