Code · BILL · 117th Congress · H.R. 1319 (Placed on Calendar Senate) — To provide for reconciliation pursuant to title II of S. Con. Res. 5. · Sec. 9674

Sec. 9674. Modification of exceptions for reporting of third party network transactions

117 words·~1 min read·/bill/117/hr/1319/pcs/section-9674

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 6050W(e) of the Internal Revenue Code of 1986 is amended to read as follows: A third party settlement organization shall not be required to report any information under subsection

(a)with respect to third party network transactions of any participating payee if the amount which would otherwise be reported under subsection (a)(2) with respect to such transactions does not exceed $600. . Section 6050W(c)(3) of such Code is amended by inserting described in subsection (d)(3)(A)(iii) after any transaction . The amendment made by subsection

(a)shall apply to returns for calendar years beginning after December 31, 2021. The amendment made by subsection

(b)shall apply to transactions after the date of the enactment of this Act.