Neen273
July 26th, 2008, 01:03 PM
Housing bill provision rattles privacy, small business groups
It would require all electronically processed payments to be reported to the IRS, raising identity theft, financial issues for merchants
Senate legislation to address the housing crisis by helping homeowners who face foreclosure contains a measure that has nothing to do with housing and could harm millions of small merchants, privacy and small-business groups say.
The housing bill calls for credit card companies as well as Internet companies such as eBay Inc., PayPal Inc., Google Inc. and Amazon.com Inc., which electronically process payments for merchants, to track, aggregate and report information to the IRS on the payments they make to merchants. The reporting provision would apply to merchants who earn more than $10,000 and make more than 200 transactions annually.
http://www.computerworld.com/action/article.do?command=viewArticleBasic&articleId=9103858&source=rss_topic84
It would require all electronically processed payments to be reported to the IRS, raising identity theft, financial issues for merchants
Senate legislation to address the housing crisis by helping homeowners who face foreclosure contains a measure that has nothing to do with housing and could harm millions of small merchants, privacy and small-business groups say.
The housing bill calls for credit card companies as well as Internet companies such as eBay Inc., PayPal Inc., Google Inc. and Amazon.com Inc., which electronically process payments for merchants, to track, aggregate and report information to the IRS on the payments they make to merchants. The reporting provision would apply to merchants who earn more than $10,000 and make more than 200 transactions annually.
http://www.computerworld.com/action/article.do?command=viewArticleBasic&articleId=9103858&source=rss_topic84