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Buyer Community> Trade Intelligence> news> Payment processors must report merchants' sales to IRS beginning in 2011
Source: Internet Retailer Internet Retailer

Payment processors must report merchants' sales to IRS beginning in 2011

Published: 01 Nov 2013 05:24:06 PST

August 7, 2008, 12:00 AM

By Paul Demery Chief Technology Editor

 

Card processors and other transaction processors, including PayPal and Google Checkout, in 2011 will be required to report information on Internet sellers to the Internal Revenue Service.

The provision is expected to raise $9.8 billion over ten years in tax revenue related to business income that would otherwise not be collected. It was part of the American Housing Rescue and Foreclosure Prevention Act of 2008 signed last week by President Bush.

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