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Requires that business report to the IRS and each provider any amount over $600 paid to corporate and non-corporate providers – excluding organizations exempt from tax under section 501(a) of the Internal Revenue Code – for property and other gross proceeds in a given year. Applies to payments made after December 31, 2011.
This provision was repealed by the Comprehensive 1099 Taxpayer and Repayment of Exchange
Subsidy Overpayments Act of 2011, which was enacted on April 14, 2011 (full statutory text available here). As an offset to the repeal of these and related requirements, the legislation modified the thresholds for recapturing excess advance premium tax credit amounts.
SEC. 9006. EXPANSION OF INFORMATION REPORTING REQUIREMENTS.
(a) IN GENERAL.—Section 6041 of the Internal Revenue Code
of 1986 is amended by adding at the end the following new subsections:
‘‘(h) APPLICATION TO CORPORATIONS.—Notwithstanding any
regulation prescribed by the Secretary before the date of the enact-
ment of this subsection, for purposes of this section the term ‘person’
includes any corporation that is not an organization exempt
from tax under section 501(a).
‘‘(i) REGULATIONS.—The Secretary may prescribe such regulations
and other guidance as may be appropriate or necessary to
carry out the purposes of this section, including rules to prevent
duplicative reporting of transactions.’’.
(b) PAYMENTS FOR PROPERTY AND OTHER GROSS PROCEEDS.
Subsection (a) of section 6041 of the Internal Revenue Code of 1986
is amended—
(1) by inserting ‘‘amounts in consideration for property,’’
after ‘‘wages,’’,
(2) by inserting ‘‘gross proceeds,’’ after ‘‘emoluments, or
other’’, and
(3) by inserting ‘‘gross proceeds,’’ after ‘‘setting forth the
amount of such’’.
(c) EFFECTIVE DATE.—The amendments made by this section
shall apply to payments made after December 31, 2011.
(202) 309-0796
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