4.903 Reporting contract information to the IRS.
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(a) 26 U.S.C.6050M, as implemented in 26 CFR, requires heads of Federal executive agencies to report certain information to the IRS.
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(1) The required information applies to contract modifications-
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(i) Increasing the amount of a contract awarded before January 1,1989, by $50,000 or more; and
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(ii) Entered into on or after April 1,1990.
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(2) The reporting requirement also applies to certain contracts and modifications thereto in excess of $25,000 entered into on or after January 1,1989.
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(c) The information to report is-
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(1) Name, address, and TIN of the contractor;
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(2) Name and TIN of the common parent (if any);
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(3) Date of the contract action;
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(4) Amount obligated on the contract action; and
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(5) Estimated contract completion date.
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(d) Transmit the information to the IRS through the Federal Procurement Data System (see subpart 4.6 and implementing instructions).