may be necessary or appropriate to carry out the purposes of this section, including regulations specifying what constitutes a payment to an individual of applicable deferred compensation for purposes of subsection (a). . (c) Penalties (1) Returns Section 6724(d)(1)(B), as in effect after the amendments made by section 334(d) of the SECURE 2.0 Act of 2022, is amended by striking or at the end of clause (xxvii), by striking and at the end of clause (xxviii) and inserting or , and by inserting after clause (xxviii) the following new clause: (xxix) section 6050AA (a) (relating to returns of information with respect to applicable deferred compensation), and . (2) Statements Section 6724(d)(2), as so in effect, is amended— (A) by striking or at the end of subparagraph (KK), (B) by striking the period at the end of subparagraph (LL) and inserting , or , and (C) by inserting after subparagraph (LL) the following new subparagraph: (MM) section 6050AA(d) (relating to statements of information with respect to applicable deferred compensation). . (d) Clerical amendments (1) In general The table of sections for subpart A of part I of subchapter D of chapter 1 is amended by inserting after the item relating to section 409A the following new item: Sec. 409B. Special rules for certain deferred compensation. . (2) Information reporting The table of sections for subpart B of part III of subchapter A of chapter 61, as in effect after the amendments made by section 334(d) of the SECURE 2.0 Act of 2022, is amended by inserting after the item relating to section 6050Z the following new item: Sec. 6050AA. Information with respect to applicable deferred compensation. . (e) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2023. 222. Rules relating to certain life insurance and annuity contracts of applicable taxpayers (a) Treatment of amounts received (1) In general Section 72(e) is amended by redesignating paragraph (12) as paragraph (13) and by inserting after paragraph (11)