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The good news is that purchases made with a credit or debit card will be exempt from this requirement. However this requirement is still likely to be a huge pai
by Anechoic 16y ago
The good news is that purchases made with a credit or debit card will be exempt from this requirement. However this requirement is still likely to be a huge pain for me at least because I use PayPal for a lot of vendors for totral purchases over $600 in a year.
The IRS is accepting comments on this requirement at http://www.irs.gov/newsroom/article/0,,id=225029,00.html http://www.irs.gov/newsroom/article/0,,id=225029,00.html
- deleted 16y ago[deleted]
- btucker 16y agoExactly. I'd assume most businesses do nearly all their purchasing through credit/debit card. I know we certainly do. So I don't see how this is such a big deal.
- jcnnghm 16y agoThe massive processing fees charged by the colluding credit card duopoly? Why aren't checks, electronic funds transfers, and electronic checks included?
- ccamrobertson 16y agoThank's for bringing this out - it really gets to the heart of who is getting paid off and the results of lobbying in creating artificial barriers through regulation. Ostensible justification is likely along the lines that the IRS can already track credit & debit card purchases far more easily than purchase orders, checks and cash. Regardless, this would be a major boon for the credit card industry if it in fact goes forward as planned.
- Alex63 16y agoSmall businesses may use credit/debit cards predominantly, but I think you'll find a lot of medium and large size businesses use Purchase Orders.
- abalashov 16y agoSounds like quite a handout to credit card companies.
- SoftwareMaven 16y agoIt's not so much that as the ability for the IRS to track credit card purchases through other mechanisms[0]. [0] http://www.washingtonpost.com/wp-dyn/content/article/2010/07/08/AR2010070806092_pf.html http://www.washingtonpost.com/wp-dyn/content/article/2010/07... (near the end)