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Commercial Card News Brought to You by the NAPCP: Industry Regulation

IRS publishes FAQs related to IRC section 3402(t)

Thursday, August 4, 2011   (0 Comments)

Internal Revenue Code (IRC) section 3402(t) resulted from the passage of the Tax Increase Prevention and Reconciliation Act (TIPRA) in 2006 and it has been a hot regulatory topic ever since. Final regulations for this section were issued in May 2011 and now, to help increase the clarity, the IRS offers answers to more than a dozen frequently asked questions (FAQs). Card professionals will be most interested in question 7: Are payments made by a payment card subject to the section 3402(t) requirements? The short answer is "No."

To view all FAQs, visit: http://www.irs.gov/govt/fslg/article/0,,id=243336,00.html.


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Members, read more information about TIPRA, including the background.


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