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WHY the Smiley? Lots of people ask us “What in the heck does a SMILEY FACE have to do with Credit Card Processing and why does everything TMC does, have a Smiley attached to it?”- we love the question and here is the simple answer. MOST business owners do not find JOY in working with their credit card processor- in fact, quite the opposite! So when we decided to take care of businesses and their processing needs, we knew we had to be different. The SMILEY FACE sends a certain message: We are glad to see you, hear you, work with you and to be of service. We CARE about you and we will do everything we can to put a smile on your face. Credit card processing is one of the products we provide but Taking Care of People and delivering a SMILE WORTHY experience is who we are and WHY we do what we do.
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WHY the Smiley? Lots of people ask us “What in the heck does a SMILEY FACE have to do with Credit Card Processing and why does everything TMC does, have a Smiley attached to it?”- we love the question and here is the simple answer. MOST business owners do not find JOY in working with their credit card processor- in fact, quite the opposite! So when we decided to take care of businesses and their processing needs, we knew we had to be different. The SMILEY FACE sends a certain message: We are glad to see you, hear you, work with you and to be of service. We CARE about you and we will do everything we can to put a smile on your face. Credit card processing is one of the products we provide but Taking Care of People and delivering a SMILE WORTHY experience is who we are and WHY we do what we do.
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IRS Reporting

IRS Reporting

In February of last year, we discussed the IRS reporting requirements statute, which was added in November of 2009 to the Housing Assistance Tax Act of 2008.

In a nutshell, this statute required all credit card processing companies to report the merchant services activities of all merchants beginning January 1st, 2011. Processors are also required to report the correct legal name, Tax Payer Identification Number and address of all merchants processing credit cards. It is imperative that the information we have on record is accurate, as the IRS backup withholding rules will be applied to this statute. This means that our processors will be required to withhold Federal Income Tax (currently 28%) if any pertinent information is missing or if there are any discrepancies with Federal Tax ID or Social Security numbers. The 1099-K is the new form designed to keep track of your credit card processing volume for the IRS. (for more info visit http://www.irs.gov/irs/article/0,,id=215740,00.html )

Although the IRS has moved the mailing deadline from January 31, 2012 to the end of March, MOST TMC merchants should be receiving the form any day. Please be watching for your forms to arrive as they must be included with your tax paperwork.

Last year, we proactively sent out W-9’s to all TMC merchants so we could verify that the information we have on file matches the IRS records. If the information was not the same, you were notified via email or by phone. If you did not receive a W-9, or you just want to verify that your account information is accurate, please feel free to contact our office (1-888-249-9919) for help. If you are not processing with TMC, it is a good idea to double check the information on file with your credit card processing company to prevent any backup withholding issues.

This new legislation DOES have an upside; you no longer have to walk through 12 months of processing statements or online reporting to know how much you processed in credit card volume! The new form will have it all clearly listed.

Making sure that the information we have on file is accurate, will assist us in preventing any IRS intrusions into your checking account!

Cheri Perry
Monday, January 30, 2012

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