12 2 STA T . 2 9 1 0PUBLIC LA W 110 – 2 8 9 —J UL Y3 0 , 2008 ‘ ‘ (A)whic hi nvol v est he est ab lish m ent o f acco u nts with a cent r al or g ani z ation b y a substantial number of p ersons who — ‘‘(i) are unrelate d to such organization , ‘‘(ii) provide goods or services, and ‘‘(iii) have agreed to settle transactions for the provision of such goods or services pursuant to such agreement or arrangement, ‘‘( B ) which provides for standards and mechanisms for settling such transactions, and ‘‘( C ) which guarantees persons providing goods or serv - ices pursuant to such agreement or arrangement that such persons will be paid for providing such goods or services .S uch term shall not include any agreement or arrangement which provides for the issuance of payment cards. ‘‘(e) EXCEPTIONF O RD E M INI M I SPAY MENTS B Y TH IR D PARTY SETT L EMENT O R G ANI Z ATIONS.—A third party settlement organiza- tion shall be re q uired to report any information under subsection (a) with respect to third party networ k transactions of any partici- pating payee only if— ‘‘( 1 ) the amount which would otherwise be reported under subsection (a)( 2 ) with respect to such transactions e x ceeds $ 2 0 ,000, and ‘‘(2) the aggregate number of such transactions exceeds 200. ‘‘(f) STATEMENTS TO BE FU RNISHED TO PERSONS W ITH R ESPECT TO WHOM I NFORMATION IS RE Q UIRED.—Every person required to make a return under subsection (a) shall furnish to each person with respect to whom such a return is required a written statement showing— ‘‘(1) the name, address, and phone number of the informa- tion contact of the person required to make such return, and ‘‘(2) the gross amount of the reportable payment trans- actions with respect to the person required to be shown on the return. The written statement required under the preceding sentence shall be furnished to the person on or before J anuary 3 1 of the year following the calendar year for which the return under subsection (a) was required to be made. Such statement may be furnished electronically, and if so, the email address of the person required to make such return may be shown in lieu of the phone number. ‘‘(g) REGULATIONS.—The Secretary may prescribe such regula- tions 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. ’ ’. (b) PENALTY FOR FAILURE TO FILE.— (1) RETURN.—Subparagraph (B) of section 67 2 4 (d)(1) is amended— (A) by striking ‘‘or’’ at the end of clause (xx), (B) by redesignating the clause (xix) that follows clause (xx) as clause (xxi), (C) by striking ‘‘and’’ at the end of clause (xxi), as redesignated by subparagraph (B) and inserting ‘‘or’’, and (D) by adding at the end the following
‘‘(xxii) section 60 5 0W (relating to returns to pay- ments made in settlement of payment card trans- actions), and’’. Email.De a d li n e. R e cor d s . Re p or t s.
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