Effective January 1, 2011, BankCard Central is required to
report your gross reportable sales to the IRS and file an annual
information return (per Section 6050W of the IRS Code). To comply
with this new law we must insure that your Taxpayer Identification Number
(TIN) and the Tax Filing Name for your business matches the information
in our system.
What does this mean to you?
You will receive an annual 1099-K beginning 2012 for transactions
reported in calendar year 2011. Effective January 1, 2012, if your
legal filing name and/or tax Identification Number (TIN) on our system
does not match the IRS database, your merchant account may be subject to IRS withholding of
gross settled transactions at the current daily rate of 28% until the
discrepancy has been corrected. If you are entitled to a
reimbursement any withheld amounts will be reimbursed by the IRS with
your annual tax filing the following year.
To avoid such actions, BCC is actively working with the IRS
to validate the information we currently have on file.
If we have not been able to match your tax filing name
and/or the Tax Identification Number, we will notify you and request you
take immediate action by correcting the identified discrepancies.
This information will need to be validated no later than June 10, 2011.
If you would like to validate your information now, complete
the form with your correct Legal Tax Filing Name and TIN as it appears on
your federal tax return. Download the W9 Form.
You may return the form to BCC via fax, email or mail to:
BankCard Central
1321 Burlington St, Ste B
North Kansas City, MO 64116
FAX: 816-474-8999
Email: customerservice@bankcardcentral.com
