Tax Gap: Administration Proposal to Require Information Reporting on Merchant Payment Card Reimbursements

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Description

The high current and forecast budget deficits as well as pay-as-you-go (PAYGO) procedures have resulted in congressional and executive branch interest in raising additional revenue through proposals for improved tax compliance. The Bush Administration’s FY2009 budget includes a proposal (the proposal) to require each payment card processor to inform the IRS on the net dollar amount paid to reimburse each merchant (i.e., seller) for his payment card receipts in a calendar year. Payment cards consist of both credit cards and debit cards. This report examines the proposal by describing current law, presenting the proposal contained in the FY2009 budget, describing ... continued below

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12 Pages.

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Bickley, James M. April 28, 2008.

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This report is part of the collection entitled: Congressional Research Service Reports and was provided by UNT Libraries Government Documents Department to Digital Library, a digital repository hosted by the UNT Libraries. More information about this report can be viewed below.

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Description

The high current and forecast budget deficits as well as pay-as-you-go (PAYGO) procedures have resulted in congressional and executive branch interest in raising additional revenue through proposals for improved tax compliance. The Bush Administration’s FY2009 budget includes a proposal (the proposal) to require each payment card processor to inform the IRS on the net dollar amount paid to reimburse each merchant (i.e., seller) for his payment card receipts in a calendar year. Payment cards consist of both credit cards and debit cards. This report examines the
proposal by describing current law, presenting the proposal contained in the FY2009 budget, describing the structure of the payment card industry, analyzing the justifications for the proposal, explaining the criticisms of the proposal, and offering concluding observations.

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12 Pages.

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Congressional Research Service Reports

The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1970's through the present--covering a variety of topics from agriculture to foreign policy to welfare.

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  • April 28, 2008

Added to The UNT Digital Library

  • March 19, 2016, 1:57 p.m.

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  • Feb. 9, 2017, 9:44 p.m.

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Bickley, James M. Tax Gap: Administration Proposal to Require Information Reporting on Merchant Payment Card Reimbursements, report, April 28, 2008; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc821472/: accessed September 19, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.