If you have a merchant account, this information applies to you. Make sure your processor has your correct TIN and tax filing name. Note: The information herein does not replace the advice of a qualified tax professional. Talk to your accountant about the impact of 6050w and your responsibilities under tax law. Section 6050w Overview […]
Processors must report all settled payment card transactions under section 6050w. And they must perform backup withholding at a rate of 28% beginning in 2012 for merchants that have incorrect TIN or tax filing names.