[Infowarrior] - New Housing Bill: IRS to receive all credit card transaction data

[Richard Forno]

....the best thing the government can do in the name of 'government  
transparency' is to make sure ONLY items related directly to the  
bill's title be included in such bills.  WTF does credit card  
transaction data have to do with housing bailouts?  Not a damn  
thing.    (But making such items transparent would mean a greater  
chance of them not getting passed under 'must-pass'  
legislation....think of how REALID got enacted)  --rf


http://www.paymentsystemsblog.com/2008/07/24/credit-card-transactions-to-be-reported-to-the-irs-in-foreclose-prevention-act-of-2008/


Credit Card Transactions to be Reported to the IRS - in Foreclose  
Prevention Act of 2008
Posted (db) in General on July-24-2008

In the House Amendments to the Senate Amendment to H.R. 3221 –  
Foreclosure Prevention Act of 2008

See Page 11 and 12 here:


     Payment Card and Third Party Network Information Reporting. The  
proposal requires
     information reporting on payment card and third party network  
transactions. Payment settlement entities, including merchant  
acquiring banks and third party settlement organizations, or third  
party payment facilitators acting on their behalf, will be required to  
report the annual gross amount of reportable transactions to the IRS  
and to the participating payee. Reportable transactions include any  
payment card transaction and any third party network transaction.  
Participating payees include persons who accept a payment card as  
payment and third party networks who accept payment from a third party  
settlement organization in settlement of transactions. A payment card  
means any card issued pursuant to an agreement or arrangement which  
provides for standards and mechanisms for settling the transactions.  
Use of an account number or other indicia associated with a payment  
card will be treated in the same manner as a payment card. A de  
minimis exception for transactions of $10,000 or less and 200  
transactions or less applies to payments by third party settlement  
organizations. The proposal applies to returns for calendar years  
beginning after December 31, 2010. Back-up withholding provisions  
apply to amounts paid after December 31, 2011. This proposal is  
estimated to raise $9.802 billion over ten years.