H.R.1882

Reinstates exception for de minimis payments by third party settlement organizations

Amends the Internal Revenue Code to reinstate the exception for de minimis payments by third party settlement organizations with respect to returns relating to payments made in settlement of payment card and third party network transactions, as in effect prior to the enactment of the American Rescue Plan Act. This means that third party settlement organizations will not be required to report information under section 6050W with respect to third party network transactions of any participating payee if the amount which would otherwise be reported exceeds $20,000 and the aggregate number of such.