On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (the “ARPA”) into law. The ARPA includes clarifying language regarding the scope of Form 1099-K (Payment Card and Third Party Network Transactions) reporting for third party payment networks and a change to the de minimis reporting standard applicable to third party … Continue Reading
The IRS released a modified private letter ruling superseding a ruling issued in late 2015 under Section 6050W. That ruling had determined that the party requesting the ruling was a third-party settlement organization. The new ruling does not change the conclusion, but removes one rationale upon which the earlier ruling had based its determination. In … Continue Reading
