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Home  //  News  //  New IRS Regulations For Merchant Credit Card Processing
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New IRS Regulations For Merchant Credit Card Processing
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New IRS Reporting Requirements-Due to the new IRS reporting requirements added to the Internal Revenue Code by the Housing and Economic Recovery Act of 2008, Embassy's affiliate processors and banks will be required to calculate and track the gross amount of payment card transactions along with correct legal name, address and TIN of all AOF (account on file) merchants.
The IRS reporting also mandates that acquirers may be required to begin backup withholding in 2012 and submit to the IRS and state agencies for merchants who are non-compliant and do not have a valid TIN on file that matches the tax filing name.
We suggest that merchants contact their accountant, tax or legal advisor with any questions regarding these new IRS reporting requirements. Please do not hesitate to contact Embassy Bankcard Solutions for additional information at This e-mail address is being protected from spambots. You need JavaScript enabled to view it. .

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