Tax bill proposal for finding merchants’ supposedly underreported cash receipts

Tax Bill Could Be Greater Threat Than Interchange Proposal... Digital Transactions

A proposal, which is still being refined in House and Senate iterations, would force “qualified payment facilitators” to disclose information (file forms similar to current 1099 income forms) about each of their merchant clients’ receipts to the Internal Revenue Service for tax purposes with the idea to help identify taxable but unreported or under-reported sales. 

With this bill, merchants and businesses can simply expect more tax code complexity and higher tax compliance costs.  We would all be better off under the FairTax (www.fairtax.org)!

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