This bill aims to amend the Internal Revenue Code of 1986 by reinstating the previous reporting thresholds for third-party payment network transactions. Specifically, it reverses changes made by the American Rescue Plan Act, which had significantly lowered the reporting requirement for platforms like Venmo and PayPal. The bill restores the requirement that third-party settlement organizations only report transactions if the aggregate amount exceeds $20,000 and the aggregate number of transactions exceeds 200 for a participating payee. This change is intended to take effect retroactively, as if it were part of the original American Rescue Plan Act. Furthermore, the legislation extends these reinstated de minimis thresholds to the rules governing backup withholding for third-party network transactions. Under the bill, payments in settlement of these transactions will only be subject to backup withholding if they meet the $20,000 and 200-transaction reporting criteria. This provision is set to apply to calendar years beginning after December 31, 2024, ensuring consistency between reporting and withholding requirements.