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ETA Releases Summary of IRS Reporting Rules |
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Earlier this week, the Internal Revenue Service released final regulations to implement tax code Section 6050W and related statutory changes enacted by the Housing Assistance Tax Act of 2008. The regulations require payment settlement organizations to report payments in settlement of payment card and third-party network transactions annually. The Electronic Transactions Association submitted comments to the IRS earlier this year on the proposed regulations and today has released a summary of how the final regulations address ETA’s concerns.
Read the full summary.
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