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TREAS/IRS | RIN: 1545-BL34 | Publication ID: Fall 2016 |
Title: Amendments of Information Reporting for Payments Made in Settlement of Payment Card and Third Party Network Transactions | |
Abstract:
The amended regulations are needed to incorporate the following Notices released under I.R.C. section 6050(W): Notice 2011-42, Notice 2011-71, Notice 2011-78, and Notice 2011-42. The amendments will also clarify the definitions of third party network and aggregated payee, in order to provide more clarity to entities required to report. The goal of the amendments is to increase compliance with 6050(W). |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: Undetermined | Unfunded Mandates: No |
CFR Citation: 26 CFR 1.6050(W)-1 26 CFR 34.3406(b)(3)-5 | |
Legal Authority: 26 U.S.C. 7805 26 U.S.C. 6050(W)(g) |
Legal Deadline:
None |
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Timetable:
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Additional Information: REG-110778-11 (NPRM) Drafting attorney: Sarah McLemore (202) 317-5197 Reviewing attorney: Adrienne Griffin (202) 317-5155 Treasury attorney: Rochelle Hodes (202) 622-1787 CC:PA:Branch 1 | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Sarah R. McLemore Attorney Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Room 5241, Washington, DC 20224 Phone:202 317-5197 Email: sarah.r.mclemore@irscounsel.treas.gov |