Internal Revenue Code Section 6050W
GPTKB entity
Statements (22)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
gptkb:United_States_federal_law
|
| gptkbp:administeredBy |
gptkb:Internal_Revenue_Service
|
| gptkbp:affects |
merchants
payment processors third party settlement organizations |
| gptkbp:appliesTo |
payment card transactions
third party network transactions |
| gptkbp:category |
tax reporting requirement
|
| gptkbp:codifiedIn |
gptkb:26_U.S.C._§_6050W
|
| gptkbp:enactedBy |
gptkb:United_States_Congress
|
| https://www.w3.org/2000/01/rdf-schema#label |
Internal Revenue Code Section 6050W
|
| gptkbp:insertedBy |
gptkb:Housing_Assistance_Tax_Act_of_2008
|
| gptkbp:partOf |
gptkb:Internal_Revenue_Code
|
| gptkbp:purpose |
improve tax compliance
|
| gptkbp:requires |
gptkb:Form_1099-K_filing
annual reporting to IRS and payees information reporting by payment settlement entities |
| gptkbp:startDate |
2011
|
| gptkbp:threshold |
$20,000 and 200 transactions (prior to 2022)
$600 (starting 2023, delayed to 2024) |
| gptkbp:bfsParent |
gptkb:Form_1099-K
|
| gptkbp:bfsLayer |
6
|