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New Housing Bill: IRS to receive all credit card transaction data
From: David Farber <dave () farber net>
Date: Wed, 30 Jul 2008 06:47:05 -0700
________________________________________ From: Richard Forno [rforno () infowarrior org] Sent: Wednesday, July 30, 2008 9:24 AM To: Infowarrior List Cc: David Farber Subject: New Housing Bill: IRS to receive all credit card transaction data ....the best thing the government can do in the name of 'government transparency' is to make sure ONLY items related directly to the bill's title be included in such bills. WTF does credit card transaction data have to do with housing bailouts? Not a damn thing. (But making such items transparent would mean a greater chance of them not getting passed under 'must-pass' legislation....think of how REALID got enacted) --rf http://www.paymentsystemsblog.com/2008/07/24/credit-card-transactions-to-be-reported-to-the-irs-in-foreclose-prevention-act-of-2008/ Credit Card Transactions to be Reported to the IRS - in Foreclose Prevention Act of 2008 Posted (db) in General on July-24-2008 In the House Amendments to the Senate Amendment to H.R. 3221 – Foreclosure Prevention Act of 2008 See Page 11 and 12 here: Payment Card and Third Party Network Information Reporting. The proposal requires information reporting on payment card and third party network transactions. Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee. Reportable transactions include any payment card transaction and any third party network transaction. Participating payees include persons who accept a payment card as payment and third party networks who accept payment from a third party settlement organization in settlement of transactions. A payment card means any card issued pursuant to an agreement or arrangement which provides for standards and mechanisms for settling the transactions. Use of an account number or other indicia associated with a payment card will be treated in the same manner as a payment card. A de minimis exception for transactions of $10,000 or less and 200 transactions or less applies to payments by third party settlement organizations. The proposal applies to returns for calendar years beginning after December 31, 2010. Back-up withholding provisions apply to amounts paid after December 31, 2011. This proposal is estimated to raise $9.802 billion over ten years. ------------------------------------------- Archives: https://www.listbox.com/member/archive/247/=now RSS Feed: https://www.listbox.com/member/archive/rss/247/ Powered by Listbox: http://www.listbox.com
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- New Housing Bill: IRS to receive all credit card transaction data David Farber (Jul 30)