Section 1 Short title
This Act may be cited as the “1099K Elimination Act of 2023”.
1099K Elimination Act of 2023
A BILL
To amend the Internal Revenue Code of 1986 to remove a requirement for payment settlement entities to file returns relating to certain participating payees.
Sec. 2 Repeal of requirement for returns relating to payments made in settlement of payment card and third party network transactions
In general— Subpart B of part III of subchapter A of chapter 61 of the Internal Revenue Code of 1986 is amended by striking section 6050W (and by striking the item relating to such section in the table of sections for such subpart).
Conforming amendments—
Section 3406(b)(3) of such Code is amended by inserting “or” at the end of subparagraph (D), by striking the “, or” at the end of subparagraph (E) and inserting a period, and by striking subparagraph (F).
Section 6724(d) of such Code is amended—
in paragraph (1)(B), by striking clause (xxiii), and
in paragraph (2), by striking subparagraph (FF).
Effective date— The amendments made by this section shall apply to returns for calendar years beginning after the date of the enactment of this section.