(a) A network company that is acting as a third-party settlement organization shall prepare an information return for each participating payee who is an app-based driver with a California address that has a gross amount of reportable payment transactions equal to or greater than six hundred dollars ($600) during a calendar year, irrespective of the number of transactions between the third-party settlement organization and the payee. A third-party settlement organization must report these amounts to the Franchise Tax Board and furnish a copy to the payee, even if it does not have a federal reporting obligation. The information return shall identify the following:

1. (1) The name, address, and tax identification number of the participating payee.
2. (2) The gross amount of the reportable payment transactions with respect to the participating payee.

(d) For purposes of this section:

1. (1) “Participating payee” has the same meaning as provided in Section 6050W(d)(1)(A)(ii) of Title 26 of the United States Code.
2. (2) “Reportable payment transaction” has the same meaning as provided in Section 6050W(c)(1) of Title 26 of the United States Code.
3. (3) “Third-party settlement organization” has the same meaning as provided in Section 6050W(b)(3) of Title 26 of the United States Code.