                                 CODE OF VIRGINIA

REPORTING OF PAYMENTS BY THIRD-PARTY SETTLEMENT ORGANIZATIONS (§ 58.1-356)

A. As used in this section:
			&#8220;Participating payee&#8221; has the same meaning as that term is
defined in &#xA7; 6050W of the Internal Revenue Code.
			&#8220;Reportable payment transactions&#8221; has the same meaning as that
term is defined in &#xA7; 6050W of the Internal Revenue Code.
			&#8220;Third-party settlement organization&#8221; has the same meaning as
that term is defined in &#xA7; 6050W of the Internal Revenue Code.

B. Any third-party settlement organization shall report to the Department, and
to any participating payee, all information required by &#xA7; 6050W of the
Internal Revenue Code with respect to reportable payment transactions made on or
after January 1, 2020, to such participating payee. For the purposes of this
requirement, the de minimis limitations of &#xA7; 6041(a) of the Internal
Revenue Code shall apply in lieu of the de minimis limitations of &#xA7;
6050W(e) of the Internal Revenue Code. This section shall apply only with
respect to participating payees with a Virginia mailing address.

C. Any information required by this section shall be reported to the Department
on forms and using an electronic medium prescribed by the Tax Commissioner. The
Tax Commissioner shall have the authority to waive the requirement to submit
this information electronically upon a determination that the requirement
creates an unreasonable burden on the third-party settlement organization that
is required to report information pursuant to this section. All requests for
waiver shall be transmitted to the Tax Commissioner in writing.

D. Any information required by this section shall be reported to the Department
and participating payees within 30 days of the relevant federal deadlines for
reporting such information. This requirement shall be applied as if the de
minimis limitations of &#xA7; 6041(a) of the Internal Revenue Code had been
imposed for federal purposes rather than the de minimis limitations of &#xA7;
6050W(e) of the Internal Revenue Code.

HISTORY: 2020, cc. 63, 248.