Merchant acquirers will have to report their retailers' credit and debit card transactions to the Internal Revenue Service under the Housing and Economic Recovery Act of 2008, which President Bush signed into law Wednesday.

The reports could increase tax revenue for the federal government by preventing merchants from underreporting transactions, says Paul Martaus, president of the Mountain Home, Ark.-based consulting firm Martaus & Associates Inc.

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