More regulations for Treasury and accounting staff to monitor:

The IRS published a proposed of the following rules and regulations (11/23/09):

• Starting with transactions in the calendar year of 2011, the gross amount of merchant payments card and third-party network transactions are to be reported
• The IRS has deemed that acquirers are fully responsible for reporting and supporting all ancillary activities

The components include:

• TIN Matching
• Merchant Tax Reporting to the IRS
• 8 Notices for Incorrect TIN
• Withholding of merchant funds due to incorrect TIN

All comment letters can be viewed by going to www.regulations.gov and searching on 6050W.

If your staff doesn’t have the time to stay up on all the issues that affect your company with regard to electronic payments, you can entrust the guidance of these issues to CSRSI.