WASHINGTON–A new House bill aims to ease the tax-reporting requirements for retailers that rely on card purchases, which could stave off a wave of confused phone calls from merchants to their processors, according to the bill’s supporters.

The Republican-sponsored bill comes in response to a new IRS regulation that will require merchants to reconcile their own internal credit card sales figures with the sales numbers that merchant processors are required to report to the IRS.

Limited Time Offer

Save over $700 on your subscription. Special offer expires April 30, 2017.

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry