A platform reports only above $20,000 and more than 200 transactions
To provide for reconciliation pursuant to title II of H. Con. Res. 14, section 70432, Sec. 70432.
Written by .
A platform reports only above $20,000 and more than 200 transactions
The document says “shall”Who acts: third party settlement organizationsHow: statuteSec. 70432 in the PDF
What the document says
“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--”
The section rewrites section 6050W(e) of the Internal Revenue Code of 1986 so that a third party settlement organization must report on a participating payee's third party network transactions only where the amount that would otherwise be reported exceeds $20,000 and the number of those transactions exceeds 200.
What the document actually says
“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--”
That sentence, in plain words
A payment platform must report on a seller only in some cases. The two tests that follow say when.
What this is about
The amount must top $20,000. The number of sales must top 200. Both tests must be met before a report is due.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
Provide for reconciliation pursuant to title II of H. Con. Res. 14, Public Law 119-21, sec. 70432, 139 Stat. 243 (2025). https://www.govinfo.gov/content/pkg/PLAW-119publ21/html/PLAW-119publ21.htm
This page
“A platform reports only above $20,000 and more than 200 transactions,” Provide for reconciliation pursuant to title II of H. Con. Res. 14, section 70432, Sec. 70432. Read the Mandate, https://readthemandate.org/pl-119-21/proposal/sec70432-threshold/ (retrieved August 26, 2026).
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