26 U.S. Code § 6050W - Returns relating to payments made in settlement of payment card and third party network transactions
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.
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 “payment card transaction” means any transaction in which a payment card is accepted as payment.
The term “third party network transaction” means any transaction which is settled through a third party payment network.
The term “person” includes any governmental unit (and any agency or instrumentality thereof).
Written determinations for this section
These documents, sometimes referred to as "Private Letter Rulings", are taken from the IRS Written Determinations page; the IRS also publishes a fuller explanation of what they are and what they mean. The collection is updated (at our end) daily. It appears that the IRS updates their listing every Friday.
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