Reinstatement of exception for de minimis payments as in effect prior to enactment of American Rescue Plan Act

(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) Effective date The amendment made by this section shall take effect as if included in section 9674(a) of the American Rescue Plan Act.