New IRS Reporting Requirements
As we watch the first month of 2011 come to an end- it is important to remember that this New Year ushers in a new era regarding credit card payments and reporting to the IRS. The following is an overview of the IRS merchant transaction reporting requirements statute, which was added in November of 2009 to the Housing Assistance Tax Act of 2008: (It is important to note that NO IMMEDIATE ACTION IS NECESSARY ON THE PART OF OUR MERCHANTS or OUR REFERRAL PARTNERS) Beginning in 2011, our processing companies will be required to calculate & track the gross amount of reportable payment card transactions. They will also be required to report the correct legal name, Tax Payer Identification Number and address of all merchants processing with TMC.