such Form, including as to under what circumstances— (i) income reported on such Form may be subject to tax, and (ii) income from personal items sold at a loss or for no gain may not be subject to tax, and (C) provides a reminder to participating payees that they may qualify for relevant small business deductions. Such notice shall be similar in form to the Notice to Employee included in Form W–2 (as in effect on the date of the enactment of this Act) and shall also be issued as a stand-alone flier. (2) Regulations and guidance The Secretary of the Treasury may prescribe such regulations or other guidance as may be necessary or appropriate to carry out this subsection. 4. Application of backup witholding with respect to third party network transactions (a) In general Section 3406(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (8) Other reportable payments include payments in settlement of third party network transactions only where aggregate for calendar year is $5,000 or more Any payment in settlement of a third party network transaction required to be shown on a return required under section 6050W which is made during any calendar year shall be treated as a reportable payment only if— (A) the aggregate amount of such payment and all previous such payments made by the third party settlement organization to the participating payee during such calendar year equals or exceeds $5,000, or (B) the third party settlement organization was required under section 6050W to file a return for the preceding calendar year with respect to payments to the participating payee. . (b) Effective date The amendments made by this section shall apply to calendar years beginning after December 31, 2021. (c) Transitional rule for 2022 In the case of payments made during calendar year 2022, section 3406(b)(8)(A) of the Internal Revenue Code of 1986 (as added by this section) shall be applied by inserting and the aggregate number of third party network transactions settled by the third