In
https://www.irs.gov/pub/irs-utl/irdm_section_6050w_faqs_7_23_11.pdf one finds
Section 6050W explicitly grants the Secretary the power to draft regulations to prevent duplicative reporting of the same transaction.
The final regulations under section 6050W (the new payment card reporting requirements) provide that payment card and third party network
transactions that otherwise would be reportable both under section 6041 or 6041A(a) and under section 6050W must be reported under section 6050W and not under section 6041 or 6041A(a).
In other words, Congress told the IRS to "work out the details" on how to determine exactly what form should be used.
After some consideration, the IRS released
Final Regs for Payment Card and Third-Party Network Information Reporting.
One can read both the reasoning behind, and the actual text of, those regulations at
Internal Revenue Bulletin: 2010-43 | TD-9496. Note that, at first draft, amounts between $600 and $20000 would have to have been reported, but that was changed during the comment period:
Relief from reporting under section 6041 was not provided in the proposed regulations, however, for third party network transactions because these transactions are not subject to reporting under section 6050W unless the de minimis threshold (more than 200 transactions aggregating more than $20,000 per calendar year for a given payee) is met. ... The proposed regulations requested additional comments regarding the application of a rule to prevent the reporting of the same transaction more than once.
Numerous commenters requested that relief from duplicate reporting under both sections 6050W and 6041 be extended to include third party network transactions. This suggestion was adopted. Accordingly, the final regulations provide that payment card and third party network transactions that otherwise would be reportable under both sections 6041 and 6050W must be reported under section 6050W and not section 6041. The final regulations also provide that, solely for purposes of determining whether a payor is eligible for relief from reporting under section 6041, the de minimis threshold for third party network transactions in §1.6050W-1(c)(4) is disregarded because the section 6041 payor will be unable to determine whether the de minimis threshold applies.
The text of the law can be found at
26 CFR 1.6041-1 (see §1.6041-1(a)(1)(iv)).
There is nothing in
Text - H.R.1 - 115th Congress (2017-2018). Aka TCJA. to change the above items.
Of course, one should do one's own due diligence.... ;)