PHOENIX, AZ, May 15, 2012 (Press-News.org) Capital Processing Network today unveiled a new website designed for taxpayer identification (TIN) number validation for merchants who process credit cards. Starting January 1, 2013, new IRS regulations require TIN matching and validation, but many small businesses may not be in compliance with these rules. In creating a new website, Capital Processing Network is offering a no-cost resource that helps merchants understand the ins and outs of this requirement. The website is located at TinValidation.com, and gives insight into the many nuances of IRS Section 6050W.
"Quite a few merchants are unaware that they could face a 28% withholding penalty for failure to comply with this regulation," said Jeff Stephan, President and CEO of Capital Processing Network. "The IRS has delayed implementation of TIN matching and Validation requirements for a few years, but anyone who accepts credit cards as a form of payment should be prepared for this regulation."
The IRS regulation requires banks and credit card processors to report gross receipts on form 1099K. This form is sent to the merchant as well as the Internal Revenue Service. Unfortunately for merchants, penalties can be assessed if the legal name of their business does not precisely match up with the information on file with the bank or processor. Therefore, it is essential for merchants to verify that their TIN number, which may either be an Employee Identification Number (EIN) for Social Security Number, matches up with what the IRS recognizes as their business name.
The TinValidation.com site helps walk customers through the myriad of issues related to matching and verification. While many merchant processors have sent out letters and brochures related to TIN number validation, the new site is designed to fill in gaps for business owners who might want more insight into the process. "Our goal is to prevent penalties and streamline compliance," said Stephan, "so no matter who merchants use as a processor, they can benefit avoid the pitfalls that may arise from this new regulation."
For more information please call 1-877-456-9747 or visit http://www.capitalprocessingnetwork.com.
Capital Processing Network Creates Taxpayer ID Validation Site
In anticipation of new IRS regulations for merchant accounts, Capital Processing Network has created a new website at TinValidation.com. The site outlines Taxpayer Identification Number (TIN) matching and validation requirements.
2012-05-15
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[Press-News.org] Capital Processing Network Creates Taxpayer ID Validation SiteIn anticipation of new IRS regulations for merchant accounts, Capital Processing Network has created a new website at TinValidation.com. The site outlines Taxpayer Identification Number (TIN) matching and validation requirements.