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IRS Hearing Speakers Likely to Raise Concerns over Proposed Foreign Merchant Regulations

March 12, 2010 in · Leave a Comment 

Speakers scheduled to testify at a March 15 Internal Revenue Service hearing on proposed regulations (REG-139255-08) to implement legislation requiring third-party reporting by credit card companies are expected to voice concern about rules on foreign payees that appear to contradict congressional intent.

In the regulations, unveiled Nov. 23, IRS acknowledged they required duplicate reporting in…

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