Hoeven Helps Introduce Legislation to Reverse IRS Snooping on Third-Party Payment Platforms
WASHINGTON – Senator John Hoeven joined Senator Bill Hagerty (R-Tenn.) in introducing the Stop the Nosy Obsession with Online Payments (SNOOP) Act. This legislation would strike the provision included in the Democrats’ American Rescue Plan Act (ARPA) that requires third-party payment platforms to report gross transaction volumes totaling more than $600 to the Internal Revenue Service (IRS). 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 SNOOP Act will stop this government intrusion into American’s everyday financial activities, and protect taxpayers’ privacy,” said Hoeven.
Along with Hoeven and Hagerty, the legislation was introduced by Senators Kevin Cramer (R-N.D.), Thom Tillis (R-N.C.), Cynthia Lummis (R-Wyo.), Joni Ernst (R-Iowa), Ted Cruz (R-Texas), Mike Braun (R-Ind.), Marco Rubio (R-Fla.) and Rick Scott (R-Fla.).
Hoeven is also cosponsoring the Prohibiting IRS Financial Surveillance Act, legislation to prevent the IRS from implementing a separate Democrat proposal to give the agency greater access to Americans’ transaction information, including smaller dollar transactions.
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