The Housing Assistance Tax Act of 2008 contained a section requiring those who process credit cards to report gross sales for every merchant account in January 2012 for the preceding year. This requirement calls for yearly filing on form 1099-K, and processors are asked to compare the merchant’s federal tax identification number (TIN) and company name with the Internal Revenue Service’s (IRS’s) database for verification.
 
What Must Be Done
 
When there is no...