New IRS regulation are catching some college campuses by surprise as campuses will be required to file more information regarding off-campus merchant programs. IRS Form 1099-K, Merchant Card and Third Party Network Payments, will be required from universities in order to report payments to merchants associated with off-campus programs.
This new reporting was mandated by the Housing Assistance Tax Act of 2008 and is intended to ensure that businesses accurately report their income from payment card transactions. The regulation doesn’t impact the amount of taxes the schools or merchants will pay but the IRS is collecting the information for research on these types of transactions.
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