New Housing Bill: IRS to receive all credit card transaction data

[David Farber <dave () farber net>]

________________________________________
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.




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