Tax Information Reporting And Withholding Evaluations For IRC Section 6050W
Section 6050W Compliance Trends
Internal Revenue Code (IRC) Section 6050W requires certain companies to file information returns, Form 1099-K, and report payment card transactions, including debit, credit, gift cards, flexible spending account cards, as well as third-party network transactions on a gross payment basis. Given the narrow time frame to evaluate processes, procedures, and system capabilities — regulations affect transactions beginning on January 1, 2011 — Section 6050W compliance has become an increasingly urgent issue.
How will your organization be affected by Section 6050W? The answer depends on two key dimensions: an organization’s internal structure and its role in the payment transaction stream.
Download the PDF to learn about compliance trends around IRC § 6050W and how our Global Information Reporting and Withholding group can assist.