The American Rescue Plan would lower the threshold below which third-party settlement organizations can escape aggregate transaction reporting obligations, the JCT said in a description of the provision. Current law requires that such organizations furnish returns to people or entities that conduct 200 or more transactions exceeding $20,000 using their platforms. The pandemic relief legislation would lower that bar to $600 for commercial transactions, regardless of the number of transactions conducted, the JCT said.
House lawmakers approved Biden's coronavirus relief plan early Saturday morning.
--Additional reporting by Stephen Cooper. Editing by Vincent Sherry.
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