[ACEsthetics] New Post/Thread Notification: The Business of Dentistry

Hello,

toddodasz has just posted in the The Business of Dentistry forum of ACE Dental World under the title of IRS Reporting & Credit Card Sales.

This thread is located at http://www.acedentalforum.com/forum/threads/1767-IRS-Reporting-amp-Credit-Card-Sales

Here is the message that has just been posted:
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Hi ACERs.

Just a quick update here to educate everyone on the new IRS requirements which will be enforced at the beginning of 2013.

You will have already received some type of note or message stating the following:

"Per recent IRS tax code changes in Section 6050W, every processing entity is now required to authenticate all merchant



business Tax Identification Number (TIN) and IRS Tax Filing Name (TFN). As of now,



the TIN and/or TFN we have on file for your business is not verified or does not match IRS records.



If uncorrected, you will be subject to a 28% backup withholding on the sales you



submit to us for payment, as mandated by the IRS."

Your business MUST comply. Simply contact the # given to you to call and verify the information they need.

For all ACERs that are clients of mine (Merchant Preferred), I have been doing a lot of this for you behind the scenes to save you time. However, if you receive the above message from your underwriting bank, do follow-up and verify the information needed.

Thanks to everyone for your attention,
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