IRS Issues Notice of Proposed Rulemaking Relating to Dollar Thresholds for Information Reporting of Payments, Wagering losses

The IRS has issued a notice of proposed rulemaking relating to the dollar thresholds in regulations governing information reporting for payments, made in the course of a trade or business, and the corresponding backup withholding regulations. The notice also includes proposed amendments to the regulations governing wagering losses, resulting from amendments made to the IRC under Public Law 119-21, the One Big Beautiful Bill Act (OBBBA). [REG-113229-25, RIN 1545-BR73, 91 FR 20599, 26 CFR Part 1 and 31 (April 17, 2026)]