Typical acquirers -- including banks, processors and ISOs -- stand to lose up to 5% of their business next month because of problems with Internal Revenue Service 1099K reporting, a tax expert says.

The loss seems likely because even acquirers that have been working diligently the last two years still don’t have valid Taxpayer Identification Numbers, or TINs, for as many as 5% of their merchants, says Paul Banker, vice president of client management at Minneapolis-based Convey Compliance Systems Inc.

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