Sec. 9674. MODIFICATION OF EXCEPTIONS FOR REPORTING OF THIRD PARTY NETWORK TRANSACTIONS

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## SEC. 9674 MODIFICATION OF EXCEPTIONS FOR REPORTING OF THIRD PARTY NETWORK TRANSACTIONS ###

(a)In General **[**[26 U.S.C. 6050W](/us/usc/t26/s6050W)**]** Section 6050W(e) of the Internal Revenue Code of 1986 is amended to read as follows: > > ### “(e) De Minimis Exception for Third Party Settlement Organizations > > 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.” > . ###

(b)Clarification That Reporting Is Not Required on Transactions Which Are Not for Goods or Services Section 6050W(c)(3) of such Code is amended by inserting “described in subsection (d)(3)(A)(iii)” after “any transaction”. ###

(c)Effective Date **[**[26 U.S.C. 6050W note](/us/usc/t26/s6050W)**]** ####

(1)In general The amendment made by subsection

(a)shall apply to returns for calendar years beginning after December 31, 2021. ####

(2)Clarification The amendment made by subsection

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

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26 USC 6050W

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Sec. 9674

MODIFICATION OF EXCEPTIONS FOR REPORTING OF THIRD PARTY NETWORK TRANSACTIONS

Cite26 USC 6050W

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