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TRANSACTION TAX REPORTING


As a result of the new tax regulations imposed by the Housing and Economic Recovery Act of 2008, the IRS is enforcing that proper reporting practices are in place to account for electronic payment transactions, including:

  • Merchant acquirers are subject to begin reporting the transaction amounts via 1099 to the IRS by January 2012.

Therefore, all merchants will:

  • Receive a copy of the form just as they receive other tax documentation for their business.
  • Be required to match their TAX ID information on their processing account with what the IRS has on file.

Merchants are required to complete the blank first page of the W9 form to reflect the correct Tax Filing Name, SSN or Tax Identification Number, and Tax filing address on file with the IRS. A complete W9 packet can be found at the Internal Revenue Service (IRS) website at www.irs.gov. Make sure you sign the form and keep a copy for your reference. Once you have a merchant account with us, please complete the form and submit by the deadline.

For submissions, or questions please contact us by
Mail: 17171 E Gale Ave #110, City of Industry, CA 91745
Fax: (888) 380-8828
Email: admin@usbsi.com

It is extremely important that we receive your correct information in a timely manner or else you may experience delayed funding, and the IRS may hold up to 28% of your daily processing amount. We recommend that you speak with a tax advisor to discuss your business accounting procedures. If you have any questions regarding this letter, please call our support center at 888-468-1155.


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