IRS plans changes to reporting of credit, debit card transactions

11/24/2009 | WebCPA

New rules from the Internal Revenue Service would change the way credit and debit card transactions are reported. The rules, which would take effect in 2011, are aimed at boosting voluntary tax compliance among business taxpayers. "The new law gives us an important new tool for closing the tax gap and also provides business taxpayers better documentation to compute and report their income and expenses," IRS Commissioner Doug Shulman said in a statement.

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