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TREAS/IRS | RIN: 1545-BG53 | Publication ID: Spring 2014 |
Title: Information Reporting and Backup Withholding for Payment Card Transactions | |
Abstract: The proposed regulations allow a merchant/payee to opt out of the Qualified Payment Card Agent (QPCA) program by giving notice to a QPCA. However, the QPCA would be required to inform the cardholder that the payee is not a participant in the QPCA program and is not a qualified payee. In addition, the QPCA must advise the cardholder/payor of the cardholder/payor's obligation to solicit the TIN of a nonparticipating merchant/payee to which it makes a reportable payment. The proposed regulations also provide that QPCA may furnish the required notifications electronically, including by posting on a secure website. | |
Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 26 CFR 31 26 CFR 301 | |
Legal Authority: 26 USC 6041 26 USC 3406 26 USC 7805 |
Legal Deadline:
None |
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Timetable:
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Additional Information: REG-163195-05 Drafting attorney: Michael E. Hara (202) 317-5417 Reviewing attorney: Blaise G. Dusenberry (202) 317-5405 Treasury attorney: John Parcell (202) 622-2578 CC: PA: Branch 1 | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: Federal, Local, State, Tribal |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Michael E. Hara Attorney Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Room 5529, Washington, DC 20224 Phone:202 317-5417 Fax:202 874-9248 Email: michael.e.hara@irscounsel.treas.gov |