Credit Card Requirements Impact Smaller Printers
Recently, PIA/GATF sent a letter to the Chairman of the Senate Finance Committee supporting an amendment that will delay certain credit card reporting requirements, which could be of particular concern for smaller printing companies. Sen. Mike Crapo (R-ID) included an amendment to H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act of 2008, that would delay the implementation of new requirements regarding merchant card reporting and Taxpayer Identification Number (TIN) collection.
Under a provision included in H.R. 3221, small business owners could be subject to backup withholding penalties as high as 28 percent, as they seek to build a TIN processing system.
Current payment card systems are not set up to identify merchants by TINs. PIA/GATF, along with the other organizations that signed onto the letter, is concerned that withholding penalties could negatively impact the day-to-day activities and viability of smaller printers.
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