Final Third-Party Credit Card Reporting Rules Retain Criticized Definition

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IRS issues final rules (T.D. 9496) under legislation requiring third-party reporting of credit card transactions—guidance that retains a criticized definition of a gross payment and that stakeholders say does not relieve worries about complexity and burden under new tax code Section 6050W. “We had concerns as to whether this was really going to help IRS in addressing the tax gap for small businesses,” Benson Goldstein, senior technical tax manager for the American Institute of Certified Public Accountants, tells BNA. “We still have that question as to whether this is going to significantly increase compliance.”