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IRS Reporting Requirements

The Housing Assistance Tax Act of 2008 included the enactment of Section 6050W of the IRS Code. This is an important new measure that requires obligated reporting entities to report the gross amounts of their merchant customers' payment card and third party network transactions to the IRS.

As a result of these new requirements, which applies to all transactions beginning on January 2, 2011, merchants are obligated to provide their tax identification number (TIN) and tax filing name. If the IRS notifies the reporting entity that there is a discrepancy between the information provided by the merchant and the IRS records, the reporting entity will be required to withhold tax on the merchant's future funding amounts. For additional information, the IRS website is http://edocket.access.gpo.gov/2010/pdf/2010-20200.pdf

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DON'T BE A TARGET FOR CYBER CRIMINALS THIS HOLIDAY SEASON!

There has been an increase in the number of Application Security Attacks and Attacks via Remote Access (Brute Force Password Attacks). The holidays are an especially attractive time to exploit weaknesses in passwords and unpatched systems.

Application Security is the security (or lack thereof) of the applications running on your network. For retailers these could include POS systems, Mobile device operating systems and back-end office systems.

How to protect against Brute Force Password Attacks: