The bill changes tax reporting rules for payments made through third-party settlement organizations. These organizations would have to report a payee’s transactions if the total amount is more than $10,000 or the number of transactions is more than 50. The change applies to transactions settled after December 31, 2024.
For backup withholding, the bill generally treats these payments as reportable only when both the transaction count is more than 50 and the total amount is more than $10,000. This rule would not apply if the payee had reportable payments from the same payer in the prior calendar year.
If you receive payments through a third-party settlement organization, the bill sets the amount and transaction-count limits that determine when those payments are reported. It also sets conditions for when they count as reportable payments for backup withholding.
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