1099K Overreach Prevention Act

1099K Overreach Prevention Act - Amends the Internal Revenue Code to exempt taxpayers who are required to report payments made in settlement of payment card and third party network transactions from any requirement to reconcile such payments to amounts related to gross receipts or sales.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3877 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 3877

To amend the Internal Revenue Code of 1986 to prohibit the Secretary of 
   the Treasury from requiring that taxpayers reconcile amounts with 
respect to reportable payment transactions to amounts related to gross 
                          receipts and sales.


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                    IN THE HOUSE OF REPRESENTATIVES

                            February 1, 2012

  Mr. Schock (for himself and Mr. Schilling) introduced the following 
      bill; which was referred to the Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to prohibit the Secretary of 
   the Treasury from requiring that taxpayers reconcile amounts with 
respect to reportable payment transactions to amounts related to gross 
                          receipts and sales.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``1099K Overreach Prevention Act''.

SEC. 2. PROHIBITION ON REQUIRING RECONCILIATION OF AMOUNTS WITH RESPECT 
              TO REPORTABLE PAYMENT TRANSACTIONS TO AMOUNTS RELATED TO 
              GROSS RECEIPTS AND SALES.

    (a) In General.--Section 6050W of the Internal Revenue Code of 1986 
is amended by redesignating subsection (g) as subsection (h) and 
inserting after subsection (f) the following new subsection:
    ``(g) Reconciliation With Receipts Not Required.--A taxpayer shall 
not be required to reconcile on any return of tax for a taxable year 
amounts with respect to reportable payment transactions, as furnished 
to the taxpayer pursuant to this section, to amounts related to gross 
receipts or sales.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 2011.
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