26 U.S.C. § 6050W: Returns relating to payments made in settlement of payment card and third party network transactions

the name, address, and TIN of each participating payee to whom one or more payments in settlement of reportable payment transactions are made, the gross amount of the reportable payment transactions with respect to each such participating payee and 1 1 So in original. Probably should be preceded by a comma. in the case of a third party settlement organization, the portion of reportable payment transactions that have been reasonably designated by payors as cash tips and the occupation described in section 224(d)(1) of the person receiving such tips. in the case of a payment card transaction, the merchant acquiring entity, and in the case of a third party network transaction, the third party settlement organization. The term “merchant acquiring entity” means the bank or other organization which has the contractual obligation to make payment to participating payees in settlement of payment card transactions. The term “third party settlement organization” means the central organization which has the contractual obligation to make payment to participating payees of third party network transactions. such intermediary shall be treated as the participating payee for purposes of determining the reporting obligations of the payment settlement entity with respect to such transactions, and such intermediary shall be treated as the payment settlement entity with respect to the settlement of such transactions with the participating payees. In any case where an electronic payment facilitator or other third party makes payments in settlement of reportable payment transactions on behalf of the payment settlement entity, the return under subsection (a) shall be made by such electronic payment facilitator or other third party in lieu of the payment settlement entity. The term “reportable payment transaction” means any payment card transaction and any third party network transaction. The term “payment card transaction” means any transaction in which a payment card is accepted as payment. The term “third party network transaction” means any transaction described in subsection (d)(3)(A)(iii) which is settled through a third party payment network. in the case of a payment card transaction, any person who accepts a payment card as payment, and in the case of a third party network transaction, any person who accepts payment from a third party settlement organization in settlement of such transaction. Except as provided by the Secretary in regulations or other guidance, such term shall not include any person with a foreign address. Notwithstanding the preceding sentence, a person with only a foreign address shall not be treated as a participating payee with respect to any payment settlement entity solely because such person receives payments from such payment settlement entity in dollars. The term “person” includes any governmental unit (and any agency or instrumentality thereof). one or more issuers of such cards, a network of persons unrelated to each other, and to the issuer, who agree to accept such cards as payment, and standards and mechanisms for settling the transactions between the merchant acquiring entities and the persons who agree to accept such cards as payment. are unrelated to such organization, provide goods or services, and have agreed to settle transactions for the provision of such goods or services pursuant to such agreement or arrangement, which provides for standards and mechanisms for settling such transactions, and which guarantees persons providing goods or services pursuant to such agreement or arrangement that such persons will be paid for providing such goods or services. the amount which would otherwise be reported under subsection (a)(2) with respect to such transactions exceeds $20,000, and the aggregate number of such transactions exceeds 200. the name, address, and phone number of the information contact of the person required to make such return, and the gross amount of the reportable payment transactions (including a separate accounting of any such amounts that have been reasonably designated by payors as cash tips and the occupation described in section 224(d)(1) of the person receiving such tips) with respect to the person required to be shown on the return. The Secretary may prescribe such regulations or other guidance as may be necessary or appropriate to carry out this section, including rules to prevent the reporting of the same transaction more than once. The amendment made by subsection (a) [amending this section] shall apply to returns for calendar years beginning after December 31, 2021 . The amendment made by subsection (b) [amending this section] shall apply to transactions after the date of the enactment of this Act [ Mar. 11, 2021 ].”