(a) The commissioner is authorized to require that every payment settlement entity, third party settlement organization, electronic payment facilitator, or other third party acting on behalf of a payment settlement entity, all as defined in § 6050W of the Internal Revenue Code ( 26 U.S.C. § 6050 ) and referred to herein as a “reporting entity,” required to file information returns pursuant to that section shall, within thirty (30) days of the filing due date, file with the department in such form and manner as prescribed by the commissioner either a duplicate of all such information returns or a duplicate of such information returns related to taxpayers or participating payees, as defined in Section 6050W of the Internal Revenue Code, with a Tennessee address. The commissioner may require that such duplicate information returns be filed electronically.
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Terms Used In Tennessee Code 67-6-411

  • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
  • Commissioner: means and includes the commissioner of revenue or the commissioner's duly authorized assistants. See Tennessee Code 67-6-102
  • Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Tennessee Code 67-6-102
  • Month: means a calendar month. See Tennessee Code 1-3-105
  • Person: includes any individual, firm, co-partnership, joint venture, association, corporation, estate, trust, business trust, receiver, syndicate, any governmental agency whose services are essentially a private commercial concern, or other group or combination acting as a unit, in the plural as well as the singular number. See Tennessee Code 67-6-102
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(b) Any information received by the department on a duplicate information return filed pursuant to this section concerning a person who is not subject to tax in Tennessee may not be used by the department.
(c) Any reporting entity failing to file a duplicate information return required pursuant to this section within the time prescribed shall be subject to a penalty of one thousand dollars ($1,000) for each failure, if the failure is for not more than one (1) month, with an additional one thousand dollars ($1,000) for each month or fraction of a month during which each failure continues. The total amount of penalty imposed on a reporting entity may not exceed ten thousand dollars ($10,000) annually. The commissioner is authorized to waive the penalty imposed by this section, in whole or in part, for good and reasonable cause under § 67-1-803.
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