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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).

 
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 
EO 13771 Designation: uncollected 
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
Timetable:
Action Date FR Cite
NPRM  06/00/2017 
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