The Internal Revenue Service has issued a set of proposed regulations for reporting on credit and debit card transactions starting in 2011.
A provision that was enacted as part of the Housing Assistance Tax Act of 2008 requires that the gross amount of payment card and third-party network transactions be reported annually to participating merchants and the IRS starting with transactions in calendar year 2011. The provision is designed to improve voluntary tax compliance by business taxpayers and help the IRS determine whether their tax returns are correct and complete.
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