Back in February, the Internal Revenue Service, in Notice 2009-19, asked for comments from the public on the new law (Section 6050W of the Internal Revenue Code) that requires credit card organizations to do Form 1099 reporting of the payments made to merchants through the cards. The way the rules were written, there was the possibility of double reporting of payments made via payment cards—once by the bank and again by cardholders. Luckily, many groups wrote to the IRS, urging it to shape the rules to make sure this double reporting was eliminated—and take AP out of the picture.
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