Repeal of modification of exceptions for reporting of third party network transactions

(a) In general Section 6050W(e) of the Internal Revenue Code of 1986 is amended to read as follows: (e) Exception for de minimis payments by third party settlement organizations 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— (1) the amount which would otherwise be reported under subsection (a)(2) with respect to such transactions exceeds $20,000, and (2) the aggregate number of such transactions exceeds 200.. (b) Conforming amendment Section 6050W(c)(3) of the Internal Revenue Code of 1986 is amended by striking described in subsection (d)(3)(A)(iii). (c) Effective date (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 the American Rescue Plan Act of 2021.