Tax Compliance Experts Clarify New IRS Reporting Rules for Payment Card Issuers, Payers and Processors with Informational Webinar

Share Article

Paula Porpilia, TIN Compliance Consultant, and Convey Compliance Systems, LLC. prepare Merchant Acquirers for new tax reporting mandates

The new IRS reporting requirements are complex and evolving. To achieve efficient and cost effective compliance, affected companies should begin to develop implementation strategies now

Convey Compliance Systems, Inc. the leader in on-demand 1099 tax information reporting services, and Paula Porpilia, nationally recognized tax compliance expert and founder of TIN Compliance Consultants, will hold an informational webinar on September 15, 2009 from 12:00 p.m. to 1:00 p.m. CDT. The webinar will prepare businesses that pay and process payment card transactions for new Merchant Acquirer tax reporting mandates under IRC Section 6050W, which is part of the Housing and Economic Recovery Act. The Webinar is free of cost and those interested can register here or call 800.303.1099.

"We are pleased to bring this opportunity for businesses to learn about and discuss reporting requirements for returns relating to payment card transactions, as well as how to assure compliance, from seasoned experts like Paula Porpilia," says Jeff Cronin, vice president of product marketing at Convey. "Compliance with these new regulations is as complex as it is critical. Our goal is to help clients understand the new tax reporting requirements and develop the best strategies for compliance, which may include fully automated tax reporting solutions and value-added TIN Compliance services."

About the New Reporting Requirements:     
A provision of the Housing and Economic Recovery Act of 2008 requires new tax reporting for the payment card industry. All Merchant Acquirers or their processors will need to issue 1099-style reports to the IRS and their merchants on annual gross payments processed through payment cards beginning January 1, 2011. "The new IRS reporting requirements are complex and evolving. To achieve efficient and cost effective compliance, affected companies should begin to develop implementation strategies now," says webinar presenter Paula Porpilia. "Over 40-percent of the allotted implementation time has already passed; the acquiring community is advised to avoid further delay."

For more information on the IRS Merchant Acquirer reporting Webinar and related regional events, visit http://www.Convey.com.

Webinar Details:
Title-
"The Merchant Services Community and IRS Compliance; How Changes in the Housing and Economic Recovery Act of 2008 will Impact the Card Industry"

When-
Tuesday, September 15, 2009 from 12:00 p.m. to 1:00 p.m. CDT

Who-
Paula Porpilia, principal, TIN Compliance Consultants and a nationally recognized tax expert, and Jeff Cronin, Convey Compliance Systems.

How-
Register online or call 800.303.1099.

About Convey Compliance Systems:
Convey Compliance Systems reduces both the costs and risks associated with handling 1099 reporting at both the federal and state level. Clients depend on Convey's innovation and expertise to assure tax compliance while handling the complexities of reporting and filing tax documents on behalf of customers, vendors and investors. Convey's solutions combine over 20 years of expertise in 1099 reporting with configurable on-demand software and operational services, all designed to reduce costs, increase efficiency and mitigate risk.

Founded in 1986 and headquartered in Plymouth, Minn., Convey serves clients ranging from small businesses processing hundreds of forms to Fortune 500 companies processing millions of forms. For more information, visit http://www.convey.com.

About Paula Porpilia:
Paula Porpilia is a nationally recognized tax compliance expert with nearly 30-years experience in tax compliance issues. She has been a director responsible for TIN compliance issues at a Big-Six accounting firm; previously she was Associate Tax Counsel for the American Bankers Association and Counsel to the United States Senate Committee on Finance. Ms. Porpilia was re-appointed in 2008 for a 3-year term to the IRS advisory committee, IRPAC, where she previously served as a founding member. She has authored numerous articles and addressed groups around the country on TIN compliance issues. A member of the DC Bar, she received her JD from the University of Chicago.

# # #

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Visit website