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Standard Summary
Comprehensive overview in 1-2 paragraphs
Reinstates the IRS de‑minimis exception for third‑party settlement organizations, limiting reporting to payments over $20,000 and more than 200 transactions.
Key Points
- 1Section 6050W(e) amended to require reporting only when thresholds are exceeded.
- 2Effective as if part of the American Rescue Plan Act.
- 3Backup withholding rules updated to apply the same thresholds.
- 4No new funding or enforcement provisions.
- 5Targets settlement organizations handling payment‑card and third‑party network transactions.
Impact Areas
Tax preparers and settlement organizationsTaxpayers receiving settlement paymentsIRS compliance and reporting systems
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