S-1375 : Still Just a Bill

The "Stop the Nosy Obsession with Online Payments Act of 2025" or SNOOP Act of 2025 (S. 1375) proposes changes to the Internal Revenue Code regarding the reporting of online payment transactions.

  • Restores Previous Exception: The bill seeks to reinstate the previous threshold for reporting third-party network transactions, such as those through PayPal or Venmo.
  • De Minimis Payments: Under the proposed change, third-party payment processors would only be required to report transactions for users who have over $20,000 in payments and more than 200 transactions per year. This reverses changes made by the American Rescue Plan Act, which lowered the threshold.
  • Backup Withholding: The bill also stipulates that backup withholding requirements would only apply if the aggregate transactions exceed the reporting threshold for the calendar year, unless the payments were reportable in the prior year.
  • Effective Dates: The changes related to the reporting exception would be applied as if they were included in the American Rescue Plan Act. The changes to backup withholding would apply to calendar years starting after December 31, 2024.

Action Timeline

Action DateTypeTextSource
2025-04-09IntroReferralRead twice and referred to the Committee on Finance.Senate
2025-04-09IntroReferralIntroduced in SenateLibrary of Congress

Vote Predictions