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."
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