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IRS: Information Reporting for Payment Card Transactions Proposed Rule

Federal Register, November 24, 2009, Page 61294-61305


Internal Revenue Service (IRS), Treasury.


Notice of proposed rulemaking and notice of public hearing.


This document contains proposed regulations relating to information reporting requirements, information reporting penalties, and backup withholding requirements for payment card and third party network transactions. The proposed regulations reflect the enactment of section 6050W and related changes in the law made by the Housing Assistance Tax Act of 2008 that require payment settlement organizations to report payments in settlement of payment card and third party network transactions for each calendar year. The proposed regulations in this document will affect persons that make payment in settlement of payment card and third party network transactions and the payees of these transactions. The proposed regulations provide guidance to assist persons who will be required to make returns reporting payment card and third party
network transactions and to the payees of those transactions. This document also provides notice of a public hearing on these proposed amendments to the regulations.


Written or electronic comments must be received by January 25, 2010. Outlines of topics to be discussed at the public hearing scheduled for February 10, 2010, at 10 a.m. must be received by January 27, 2010.


Send submissions to: CC:PA:LPD:PR (REG–139255–08), room 5205, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be hand-delivered Monday through Friday between the hours of 8 a.m. and 4 p.m. to C:PA:LPD:PR (REG–139255–08), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue, NW., Washington, DC, or sent electronically via the Federal eRulemaking Portal at http:// (IRS REG–139255–08).

Further Information

Concerning these proposed regulations, Barbara Pettoni, (202) 622–4910; concerning submissions of comments or the public hearing, Regina Johnson, (202) 622–7180 (not toll-free numbers).