"Uncle Sam's finger in the payment pie: A legislative update,"
The Green Sheet, Dec. 14, 2009, issue 09:12:01, provided inaccurate information regarding when acquirers and other providers of credit and debit card settlement services must start keeping track of gross transaction totals, by individual merchant, for annual reports to the IRS.
The article stated that records must be kept for 2010 and the first reports are due to the IRS early in 2011. In fact, the record keeping must begin in 2011, and the first reports will be due to the IRS in early 2012.
read more