Sec. 70432. Repeal of revision to de minimis rules for third party network transactions
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/bill/119/hr/1/eas/section-70432A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 6050W(e) is amended to read as follows: A third party settlement organization shall be required to report any information under subsection
(a)with respect to third party network transactions of any participating payee only if— the amount which would otherwise be reported under subsection (a)(2) with respect to such transactions exceeds $20,000, and the aggregate number of such transactions exceeds 200. . The amendment made by this subsection shall take effect as if included in section 9674 of the American Rescue Plan Act. Section 3406(b) is amended by adding at the end the following new paragraph: Any payment in settlement of a third party network transaction required to be shown on a return required under section 6050W which is made during any calendar year shall be treated as a reportable payment only if— the aggregate number of transactions with respect to the participating payee during such calendar year exceeds the number of transactions specified in section 6050W(e)(2), and the aggregate amount of transactions with respect to the participating payee during such calendar year exceeds the dollar amount specified in section 6050W(e)(1) at the time of such payment. Subparagraph
(A)shall not apply with respect to payments to any participating payee during any calendar year if one or more payments in settlement of third party network transactions made by the payor to the participating payee during the preceding calendar year were reportable payments. . The amendment made by this subsection shall apply to calendar years beginning after December 31, 2024.