Cassidy pushes for fix to $600 IRS Venmo reporting rule in child tax credit deal

Sen. Bill Cassidy (R-LA) is advocating that changes to a controversial $600 IRS reporting requirement be included in the child tax credit and business tax bill.

The legislation in question has already cleared the hurdle of the Ways and Means Committee, whose members advanced to the broader House in a bipartisan 40-3 vote. The bill faces more uncertain odds in the Senate, where the Finance Committee will first consider the legislation.

The bipartisan tax legislation is a vehicle that could be used to exact other changes, with some in both the House and the Senate hoping that it will alter a 2021 Biden-era law that requires payment platforms such as Venmo and Paypal send 1099-K tax forms to those receiving more than $600 per year.

One such lawmaker is Cassidy, who introduced separate legislation alongside
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