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[House Report 112-15]
[From the U.S. Government Publishing Office]

112th Congress                                                   Report
                        HOUSE OF REPRESENTATIVES
 1st Session                                                     112-15

======================================================================

 
        SMALL BUSINESS PAPERWORK MANDATE ELIMINATION ACT OF 2011

                                _______
                                

 February 22, 2011.--Committed to the Committee of the Whole House on 
            the State of the Union and ordered to be printed

                                _______
                                

            Mr. Camp, from the Committee on Ways and Means, 
                        submitted the following

                              R E P O R T

                         [To accompany H.R. 4]

      [Including cost estimate of the Congressional Budget Office]

    The Committee on Ways and Means, to whom was referred the 
bill (H.R. 4) to repeal the expansion of information reporting 
requirements for payments of $600 or more to corporations, and 
for other purposes, having considered the same, report 
favorably thereon without amendment and recommend that the bill 
do pass.

                                CONTENTS

                                                                   Page
 I. Summary and Background............................................1
II. Explanation of the Bill...........................................2
        A. Repeal of Expansion of Information Reporting 
            Requirements (sec. 2 of the bill and sec. 6041 of the 
            Code)................................................     2
III.Votes of the Committee............................................5

IV. Budget Effects of the Bill........................................5
 V. Other Matters To Be Discussed Under the Rules of the House........8
VI. Changes in Existing Law Made by the Bill, as Reported............11

                       I. Summary and Background

                         A. PURPOSE AND SUMMARY

    The bill, H.R. 4 (the ``Small Business Paperwork Mandate 
Elimination Act of 2011''), as reported by the Committee on 
Ways and Means, provides that section 9006 of the Patient 
Protection and Affordable Care Act of 2010 (``PPACA''), Pub. L. 
No. 111-148 (March 23, 2010), is repealed. As a result, section 
6041 of the Internal Revenue Code is amended to no longer 
require reporting with respect to payments to corporations or 
with respect to gross proceeds for property. Further, the 
additional regulatory authority granted to the Secretary is 
repealed.

                 B. BACKGROUND AND NEED FOR LEGISLATION

    Originally enacted in 2010 to help finance the cost of 
PPACA, the new provisions requiring expanded tax information 
reporting by businesses have generated considerable concern 
among taxpayers and policymakers alike. It is now widely 
acknowledged that, if allowed to go into effect, the expansion 
of these information reporting requirements will impose a 
substantial tax compliance burden on small businesses, forcing 
them to devote scarce resources to tax filing instead of to 
business expansion and job creation. Because the burdens on 
small businesses resulting from the imposition of these new 
requirements outweigh any potential improvement in tax 
compliance, the bill reflects a consensus that these new rules 
should be repealed.

                         C. LEGISLATIVE HISTORY

Background

    H.R. 4 was introduced on January 12, 2011, and was referred 
to the Committee on Ways and Means.

Committee action

    The Committee on Ways and Means marked up the bill on 
February 17, 2011, and ordered the bill favorably reported by 
voice vote.

Committee hearings

    The Committee on Ways and Means held a full Committee 
hearing on January 20, 2011, on fundamental tax reform. This 
hearing focused on the economic and administrative burdens 
imposed by the current structure of the Federal income tax, 
including with respect to the burdens associated with the 
expanded Form 1099 reporting requirements imposed under section 
9006 of PPACA.
    The Committee on Ways and Means held a full Committee 
hearing on January 26, 2011, on the health care law's impact on 
jobs, employers, and the economy, including the impact of 
PPACA's expanded Form 1099 reporting requirements.
    The Committee on Ways and Means held a full Committee 
hearing on February 15, 2011, on the President's Fiscal Year 
2012 Budget with Secretary of the Treasury Timothy F. Geithner, 
including the President's proposal relating to information 
reporting on payments to corporations and payments for 
property.

                      II. Explanation of the Bill

A. REPEAL OF EXPANSION OF INFORMATION REPORTING REQUIREMENTS (SEC. 2 OF 
                  THE BILL AND SEC. 6041 OF THE CODE)

Present law

    A variety of information reporting requirements apply under 
present law.\1\ The primary provision governing information 
reporting by payors requires an information return by every 
person engaged in a trade or business who makes payments to any 
one payee aggregating $600 or more in any taxable year in the 
course of that payor's trade or business.\2\ Reportable 
payments include compensation for both goods and services, and 
may include gross proceeds. Certain enumerated types of 
payments that are subject to other specific reporting 
requirements are carved out of reporting under this general 
rule by regulation.\3\ Another carveout excepts payments to 
corporations from reporting requirements.\4\
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    \1\Secs. 6031 through 6060.
    \2\Sec. 6041(a). Information returns are generally submitted 
electronically on Forms 1096 and Forms 1099, although certain payments 
to beneficiaries or employees may require use of Forms W-3 and W-2, 
respectively. Treas. Reg. sec. 1.6041-1(a)(2).
    \3\Sec. 6041(a) requires reporting of payments ``other than 
payments to which section 6042(a)(1), 6044(a)(1), 6047(c), 6049(a) or 
6050N(a) applies and other than payments with respect to which a 
statement is required under authority of section 6042(a), 6044(a)(2) or 
6045[.]'' The payments thus excepted include most interest, royalties, 
and dividends.
    \4\Treas. Reg. sec. 1.6041-3(p).
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    For payments made after December 31, 2011, the class of 
payments subject to reporting was expanded in two ways.\5\ 
First, the regulatory carveout for payments to corporations was 
expressly overridden by the addition of section 6041(i). In 
addition, information reporting requirements were expanded to 
include gross proceeds paid in consideration for any type of 
property. The payor is required to provide the recipient of the 
payment with an annual statement showing the aggregate payments 
made and contact information for the payor.\6\ The regulations 
generally except from reporting payments to exempt 
organizations, governmental entities, international 
organizations, or retirement plans.
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    \5\The Patient Protection and Affordable Care Act, Pub. L. No. 111-
148, sec. 9006 (March 23, 2010).
    \6\Sec. 6041(d). Specifically, the recipient of the payment is 
required to provide a Form W-9 to the payor, which enables the payee to 
provide the recipient of the payment with an annual statement showing 
the aggregate payments made and contact information for the payor. If a 
Form W-9 is not provided, the payor is required to ``backup withhold'' 
tax at a rate of 28 percent of the gross amount of the payment unless 
the payee has otherwise established that the income is exempt from 
backup withholding. The backup withholding tax may be credited by the 
payee against regular income tax liability, i.e., it is effectively an 
advance payment of tax, similar to the withholding of tax from wages.
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    Additionally, the requirement that businesses report 
certain payments is generally not applicable to payments by 
persons engaged in a passive investment activity. However, 
beginning in 2011, recipients of rental income from real estate 
generally are subject to the same information reporting 
requirements as taxpayers engaged in a trade or business.\7\ In 
particular, rental income recipients making payments of $600 or 
more to a service provider (such as a plumber, painter, or 
accountant) in the course of earning rental income are required 
to provide an information return (typically Form 1099-MISC) to 
the IRS and to the service provider. Exceptions to this 
reporting requirement are made for (i) individuals who rent 
their principal residence on a temporary basis, including 
members of the military or employees of the intelligence 
community (as defined in section 121(d)(9)), (ii) individuals 
who receive only minimal amounts of rental income, as 
determined by the Secretary in accordance with regulations, and 
(iii) individuals for whom the requirements would cause 
hardship, as determined by the Secretary in accordance with 
regulations.\8\
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    \7\Sec. 6041(h); Small Business Jobs Act of 2010, Pub. L. No. 111-
240, sec. 2101 (Sept. 27, 2010).
    \8\Treasury has not promulgated regulations defining these 
``minimal amounts of rental income'' or ``hardship'' cases.
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    Detailed rules are provided for the reporting of various 
types of investment income, including interest, dividends, and 
gross proceeds from brokered transactions (such as a sale of 
stock).\9\ In general, the requirement to file Form 1099 
applies with respect to amounts paid to U.S. persons and is 
linked to the backup withholding rules of section 3406. Thus, a 
payor of interest, dividends or gross proceeds generally must 
request that a U.S. payee (other than certain exempt 
recipients) furnish a Form W-9 providing that person's name and 
taxpayer identification number.\10\ That information is then 
used to complete the Form 1099.
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    \9\Secs. 6042 (dividends), 6045 (broker reporting) and 6049 
(interest), as well as the Treasury regulations thereunder.
    \10\See Treas. Reg. sec. 31.3406(h)-3.
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    Failure to comply with the information reporting 
requirements results in penalties, which may include a penalty 
for failure to file the information return,\11\ a penalty for 
failure to furnish payee statements,\12\ or failure to comply 
with other various reporting requirements.\13\
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    \11\Sec. 6721.
    \12\Sec. 6722.
    \13\Sec. 6723.
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Reasons for change

    The Committee understands that there is a significant tax 
gap, or difference between the amount of tax owed by taxpayers 
and the amount voluntarily paid to the IRS, that must be 
addressed. The Committee also recognizes that information 
reporting requirements generally improve taxpayer compliance. 
However, the Committee is concerned that the expansion of the 
information reporting requirements imposes a substantial tax 
compliance burden on small businesses, including costs to 
acquire new software or pay for additional accounting services. 
The Committee believes this burden is disproportionate as 
compared with any resulting improvement in tax compliance and 
therefore believes that these requirements should be repealed 
in their entirety. The Committee will continue to explore other 
potential solutions to the tax gap problem.

Explanation of provision

    Under the provision, the changes to section 6041 enacted 
under section 9006 of the Patient Protection and Affordable 
Care Act that provide rules for payments to corporations, 
provide additional regulatory authority and impose a reporting 
requirement with respect to gross proceeds from property, are 
repealed in their entirety.

Effective date

    This provision is effective for payments made after 
December 31, 2011.
                      III. Votes of the Committee

    In compliance with clause 3(b) of rule XIII of the Rules of 
the House of Representatives, the following statements are made 
concerning the vote of the Committee on Ways and Means in its 
consideration of H.R. 4, the ``Small Business Paperwork Mandate 
Elimination Act of 2011.''

                    MOTION TO REPORT RECOMMENDATIONS

    H.R. 4 was ordered favorably reported by voice vote (with a 
quorum being present).

                     IV. Budget Effects of the Bill

               A. COMMITTEE ESTIMATE OF BUDGETARY EFFECTS

    In compliance with clause 3(d) of the rule XIII of the 
Rules of the House of Representatives, the following statement 
is made concerning the effects on the budget of the revenue 
provisions of the bill, H.R. 4 as reported.
    The bill, as reported, is estimated to have the following 
effects on budget receipts for fiscal years 2011-2021:

          ESTIMATED REVENUE EFFECTS OF H.R. 4, ``THE SMALL BUSINESS PAPERWORK MANDATE ELIMINATION ACT OF 2011,'' AS REPORTED BY THE COMMITTEE ON WAYS AND MEANS--FISCAL YEARS 2011-2021
                                                                                      [Millions of dollars]
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                     Provision                       Effective    2011     2012     2013      2014      2015      2016      2017      2018      2019      2020      2021     2011-16    2011-21
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1. Repeal 1099 information reporting requirements         DOE   .......     -263    -2,785    -1,995    -2,064    -2,135    -2,309    -2,413    -2,523    -2,636    -2,782    -9,242     -21,905
 for certain payments of more than $600............
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    Net total......................................  .........  .......     -263    -2,785    -1,995    -2,064    -2,135    -2,309    -2,413    -2,523    -2,636    -2,782    -9,242     -21,905
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Joint Committee on Taxation.
Note: Details may not add to totals due to rounding.
Legend for ``Effective'' column: DOE = date of enactment.

B. STATEMENT REGARDING NEW BUDGET AUTHORITY AND TAX EXPENDITURES BUDGET 
                               AUTHORITY

    In compliance with clause 3(c)(2) of rule XIII of the Rules 
of the House of Representatives, the Committee states that the 
bill involves no new or increased budget authority.

      C. COST ESTIMATE PREPARED BY THE CONGRESSIONAL BUDGET OFFICE

    In compliance with clause 3(c)(3) of rule XIII of the Rules 
of the House of Representatives, requiring a cost estimate 
prepared by the CBO, the following statement by CBO is 
provided.

                                     U.S. Congress,
                               Congressional Budget Office,
                                 Washington, DC, February 18, 2011.
Hon. Dave Camp,
Chairman, Committee on Ways and Means,
House of Representatives, Washington, DC.
    Dear Mr. Chairman: The Congressional Budget Office has 
prepared the enclosed cost estimate for H.R. 4, the Small 
Business Paperwork Mandate Elimination Act of 2011.
    If you wish further details on this estimate, we will be 
pleased to provide them. The staff contacts are Kalyani 
Parthasarathy (CBO) and Pamela Moomau (JCT).
            Sincerely,
                                              Douglas W. Elmendorf.
    Enclosure.

H.R. 4--Small Business Paperwork Mandate Elimination Act of 2011

    H.R. 4 would repeal certain scheduled expansions in 
information reporting requirements. The staff of the Joint 
Committee on Taxation (JCT) estimates that enacting the 
legislation would increase federal budget deficits by $21.9 
billion over the 2011-2021 period, reflecting reductions in 
revenues.
    The legislation would repeal an expansion currently 
scheduled to take effect in 2012 of information that businesses 
must report to the recipients of certain payments, as well as 
to the Internal Revenue Service, on form 1099. Beginning in 
2012, certain payments not previously subject to 1099 reporting 
requirements, including those made to corporations and those 
made for property, will become subject to the reporting 
requirements. The repeal of this expansion would reduce 
revenues by an estimated $21.9 billion over the 2011-2021 
period, as shown in the following table. Because enacting H.R. 
4 would affect revenues, pay-as-you-go procedures apply. (All 
effects are on-budget.)

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                                                                                                            By fiscal year, in millions of dollars--
                                                              ----------------------------------------------------------------------------------------------------------------------------------
                                                                2011    2012      2013      2014      2015      2016      2017      2018      2019      2020      2021     2011-2016   2011-2021
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Estimated Revenue Effect.....................................      0      -263    -2,785    -1,995    -2,064    -2,135    -2,309    -2,413    -2,523    -2,636    -2,782      -9,242     -21,905
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    JCT has determined that the bill contains no 
intergovernmental or private-sector mandates as defined in the 
Unfunded Mandates Reform Act.
    The CBO staff contact for this estimate is Kalyani 
Parthasarathy. The estimate was approved by Frank Sammartino.

                    D. MACROECONOMIC IMPACT ANALYSIS

    In compliance with clause 3(h)(2) of rule XIII of the Rules 
of the House of Representatives, the following statement is 
made by the Joint Committee on Taxation with respect to the 
provisions of the bill amending the Internal Revenue Code of 
1986: The effects of the bill on economic activity are so small 
as to be incalculable within the context of a model of the 
aggregate economy.

     V. Other Matters To Be Discussed Under the Rules of the House

          A. COMMITTEE OVERSIGHT FINDINGS AND RECOMMENDATIONS

    With respect to clause 3(c)(1) of rule XIII of the Rules of 
the House of Representatives (relating to oversight findings), 
the Committee advises that it was a result of the Committee's 
oversight review concerning the tax compliance burden on 
taxpayers that the Committee concluded that it is appropriate 
to report the bill favorably to the House of Representatives 
with the recommendation that the bill do pass.

        B. STATEMENT OF GENERAL PERFORMANCE GOALS AND OBJECTIVES

    With respect to clause 3(c)(4) of rule XIII of the Rules of 
the House of Representatives, the Committee advises that the 
bill contains no measure that authorizes funding, so no 
statement of general performance goals and objectives for which 
any measure authorizes funding is required.

              C. INFORMATION RELATING TO UNFUNDED MANDATES

    This information is provided in accordance with section 423 
of the Unfunded Mandates Reform Act of 1995 (P.L. 104-4).
    The Committee has determined that the bill does not contain 
Federal mandates on the private sector. The Committee has 
determined that the bill does not impose a Federal 
intergovernmental mandate on State, local, or tribal 
governments.

                D. APPLICABILITY OF HOUSE RULE XXI 5(B)

    Rule XXI 5(b) of the Rules of the House of Representatives 
provides, in part, that ``A bill or joint resolution, 
amendment, or conference report carrying a Federal income tax 
rate increase may not be considered as passed or agreed to 
unless so determined by a vote of not less than three-fifths of 
the Members voting, a quorum being present.'' The Committee has 
carefully reviewed the provisions of the bill, and states that 
the provisions of the bill do not involve any Federal income 
tax rate increases within the meaning of the rule.

                       E. TAX COMPLEXITY ANALYSIS

    Section 4022(b) of the Internal Revenue Service Reform and 
Restructuring Act of 1998 (the ``IRS Reform Act'') requires the 
staff of the Joint Committee on Taxation (in consultation with 
the Internal Revenue Service and the Treasury Department) to 
provide a tax complexity analysis. The complexity analysis is 
required for all legislation reported by the Senate Committee 
on Finance, the House Committee on Ways and Means, or any 
committee of conference if the legislation includes a provision 
that directly or indirectly amends the Internal Revenue Code 
and has widespread applicability to individuals or small 
businesses. The staff of the Joint Committee on Taxation has 
identified only one such provision, which is discussed below. 
Pursuant to clause 3(h)(1) of rule XIII of the Rules of the 
House of Representatives, a summary description of that 
provision is provided, along with an estimate of the number and 
type of affected taxpayers, and a discussion regarding the 
relevant complexity and administrative issues.
    Following the analysis of the staff of the Joint Committee 
on Taxation are the comments of the IRS and Treasury.

 REPEAL OF EXPANDED INFORMATION REPORTING FOR PAYMENTS WITH RESPECT TO 
               PROPERTY OR PAYMENTS MADE TO CORPORATIONS

Summary description of provision

    Under the provision, section 6041 is amended to delete 
references to gross proceeds from property, a requirement that 
payments to corporations be reported, and a grant of additional 
regulatory authority. Accordingly, the changes to section 6041 
enacted under section 9006 of the Patient Protection and 
Affordable Care Act are repealed in their entirety.
    As a result of the repeal, taxpayers are not required to 
file an information return for all payments aggregating $600 or 
more in a calendar year to any single corporation payee (except 
a tax-exempt corporation). Second, the payments to be reported 
do not include gross proceeds paid in consideration for 
property.

Number of affected taxpayers

    It is estimated that the provision will affect more than 10 
percent of individual or small business tax returns.

Discussion

    According to the Government Accountability Office, only 
eight percent of approximately 50 million small businesses with 
less than $10 million in assets filed miscellaneous information 
return Form 1099-MISC.\14\ If greater reporting from small 
businesses were available, it is possible that the IRS could 
more readily identify areas of underreported income of the 
payees. In general, the more payments to which information 
reporting and/or withholding applies, the greater the 
improvement in compliance.\15\ However, since the reporting 
requirements were expanded, numerous critics have pointed to 
disproportionate additional administrative burden on those 
required to comply with the reporting obligations. Thus, 
requiring information reporting for all payments aggregating 
$600 or more in a calendar year to a corporation and for 
payments for property may outweigh the enhanced taxpayer 
compliance.
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    \14\Government Accountability Office, IRS Could Do More to Promote 
Compliance by Third Parties with Miscellaneous Income Reporting 
Requirements, GAO-09-238 (January 2009).
    \15\See e.g., ``Tax Year 2001 Individual Income Tax Underreporting 
Gap,'' /www.irs.gov/pub/irs-utl/tax_gap_update_070212.pdf> at 2, 
finding that information reporting is the primary differentiator in 
compliance rates. See also, Joseph Bankman, ``Eight Truths About 
Collecting Taxes from the Cash Economy,'' 117 Tax Notes 506, 511 
(2007).
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    At the time the expanded provisions were under 
consideration, a complexity analysis\16\ suggested that the 
widespread use of computer technology to process and store 
business information should minimize the burden associated with 
generating and transmitting the information necessary to comply 
with the provision, regardless of the extent to which the 
taxpayer is currently subject to information reporting. 
Although the additional burden of expanded reporting would have 
depended on the extent to which taxpayers subject to the 
provision already had adequate procedures and systems in place 
to comply with existing information reporting requirements,\17\ 
uncertainty about the scope of the expansion, and the lack of 
administrative guidance to date has made it difficult for 
taxpayers to determine what steps would be necessary to comply 
with the expanded reporting. Repeal of the additional 
information reporting requirements avoids the need for small 
businesses to develop new bookkeeping systems necessary in time 
for implementation of the expanded reporting in 2012. In 
addition, it relieves the IRS of the need to develop new forms 
and outreach programs to educate the public about the changes 
in reporting obligations.
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    \16\See, Senate Finance Committee, ``America's Healthy Future Act 
of 2009,'' S. Rep. 111-89 (October 19, 2009), pp. 365-366.
    \17\See e.g., Government Accountability Office, Costs and Uses of 
Third-Party Information Returns, November 2007, GAO-08-266, available 
at /www/gao.gov/new.items/d08266.pdf>, wherein the GAO, based on 
its case studies, found the compliance costs associated with filing 
information returns to be ``relatively low.''
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Comments from IRS and Treasury

    No guidance would be required.
    The relevant forms and instructions would not need to be 
modified (Forms 1099, 1098, 3921, 3922, 5498, and W-2G), and 
the instructions for certain other information returns and 
publications would not need to be revised to reflect the 
elimination of the exception for payments to corporations and 
the exception for payments other than for services.
    The IRS would not need to modify existing tax systems to 
reflect this provision.

  F. CONGRESSIONAL EARMARKS, LIMITED TAX BENEFITS, AND LIMITED TARIFF 
                                BENEFITS

    With respect to clause 9 of rule XXI of the Rules of the 
House of Representatives, the Committee has carefully reviewed 
the provisions of the bill, and states that the provisions of 
the bill do not contain any congressional earmarks, limited tax 
benefits, or limited tariff benefits within the meaning of the 
rule.
       VI. Changes in Existing Law Made by the Bill, as Reported

    In compliance with clause 3(e) of rule XIII of the Rules of 
the House of Representatives, changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets and 
existing law in which no change is proposed is shown in roman):

               PATIENT PROTECTION AND AFFORDABLE CARE ACT

           *       *       *       *       *       *       *
                      TITLE IX--REVENUE PROVISIONS

Subtitle A--Revenue Offset Provisions

           *       *       *       *       *       *       *

[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 
enactment 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.]

           *       *       *       *       *       *       *

                              ----------                              

SECTION 6041 OF THE INTERNAL REVENUE CODE OF 1986

SEC. 6041. INFORMATION AT SOURCE.

  (a) Payments of $600 or more.--All persons engaged in a trade 
or business and making payment in the course of such trade or 
business to another person, of rent, salaries, wages, [amounts 
in consideration for property,] premiums, annuities, 
compensations, remunerations, emoluments, or other [gross 
proceeds,] fixed or determinable gains, profits, and income 
(other than payments to which section 6042(a)(1), 6044(a)(1), 
6047(e), 6049(a), or 6050N(a) applies, and other than payments 
with respect to which a statement is required under the 
authority of section 6042(a)(2), 6044(a)(2), or 6045), or $600 
or more in any taxable year, or, in the case of such payments 
made by the United States, the officers or employees of the 
United States having information as to such payments and 
required to make returns in regard thereto by the regulations 
hereinafter provided for, shall render a true and accurate 
return to the Secretary, under such regulations and in such 
form and manner and to such extent as may be prescribed by the 
Secretary, setting forth the amount of such [gross proceeds,] 
gains, profits, and income, and the name and address of the 
recipient of such payment.

           *       *       *       *       *       *       *

  [(i) Application to corporations.--Notwithstanding any 
regulation prescribed by the Secretary before the date of the 
enactment 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).
  [(j) 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.]

                                  
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