Consumer Payment Card News

IRS & Cards

The U.S. House Ways and Means Committee last week voted favorably for a bill that includes a provision requiring credit card companies to report credit and debit card transactions to the IRS. “H.R. 6275” is predicted to produce an additional $9.8 billion in tax revenue over the next 10 years. The IRS says the the additional information would reduce underreporting of income by businesses and allow the government to identify possible cases of underreporting when determining who to audit. According the Wall Street Journal, business groups oppose the new reporting requirement, saying it would burden businesses with paperwork.

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