Effective January 1, 2011, BankCard Central is required to report your gross reportable sales to the IRS and file an annual information return (per Section 6050W of the IRS Code). To comply with this new law we must insure that your Taxpayer Identification Number (TIN) and the Tax Filing Name for your business matches the information in our system.
What does this mean to you?
You will receive an annual 1099-K beginning 2012 for transactions reported in calendar year 2011. Effective January 1, 2012, if your legal filing name and/or tax Identification Number (TIN) on our system does not match the IRS database, your merchant account may be subject to IRS withholding of gross settled transactions at the current daily rate of 28% until the discrepancy has been corrected. If you are entitled to a reimbursement any withheld amounts will be reimbursed by the IRS with your annual tax filing the following year.
To avoid such actions, BCC is actively working with the IRS to validate the information we currently have on file.
If we have not been able to match your tax filing name and/or the Tax Identification Number, we will notify you and request you take immediate action by correcting the identified discrepancies. This information will need to be validated no later than June 10, 2011.
If you would like to validate your information now, complete the form with your correct Legal Tax Filing Name and TIN as it appears on your federal tax return. Download the W9 Form.
What does this mean to you?
You will receive an annual 1099-K beginning 2012 for transactions reported in calendar year 2011. Effective January 1, 2012, if your legal filing name and/or tax Identification Number (TIN) on our system does not match the IRS database, your merchant account may be subject to IRS withholding of gross settled transactions at the current daily rate of 28% until the discrepancy has been corrected. If you are entitled to a reimbursement any withheld amounts will be reimbursed by the IRS with your annual tax filing the following year.
To avoid such actions, BCC is actively working with the IRS to validate the information we currently have on file.
If we have not been able to match your tax filing name and/or the Tax Identification Number, we will notify you and request you take immediate action by correcting the identified discrepancies. This information will need to be validated no later than June 10, 2011.
If you would like to validate your information now, complete the form with your correct Legal Tax Filing Name and TIN as it appears on your federal tax return. Download the W9 Form.
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