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IRS Processing Validation Charge

(7 posts)

  1. sBiz101

    member
    Joined: Oct '09
    Posts: 44

    Reputation:83
     

    I got a notice from my merchant - United Bank Card, that "The Housing Assistance Tax Act of 2008 included the enactment of Section 6050W of the Internal Revenue Code which
    requires Merchant Service Providers to file annual processing volume reports with the IRS for all merchants and to file a
    corresponding Form 1099-K."

    As a result, they're going to charge a fee of $27.95 three times a year - that's an additional $82/ year! I'm already sick and tired of all the fees these guys are charging. This additional fee is about to break the camel's back.

    Is anyone else being charged this merchant account IRS fee? If so, how much are they charging?

    Posted 8 months ago #


  2. Posted 8 months ago

  3. Anonymous



    My merchant, Merchant Plus, charges a one-time $25 fee for this and then $4.95/ month. So after the first year I'm saving about $20/ year compared to UBC.

    Posted 8 months ago #

  4. Anonymous



    Same here. For "IRS Merchant Reporting Regulations" which apply to merchants that:

    • Received more than $20,000 in gross payments in a single year AND
    • Received over 200 payments in a single year.

    Posted 8 months ago #

  5. Anonymous



    I'm with United Bank Card too and have the same bull s$!^ fee. There is absolutely no reason for this to be an ongoing fee. It really shouldn't be a one time fee either. It should take a staff member about 2 min to match a TIN with the IRS database.

    Posted 8 months ago #

  6. Anonymous



    My Merchant service is charging $4 a month for the IRS reporting and that's it. Which after originally being upset but now reading what other services are charging I'm starting to realize is not so bad.

    Posted 7 months ago #

  7. Anonymous



    I thought i was the only one... My merchant services company is Merchant One and i was **** to find out that they will be charging 3.95 a month for this service but after reading this board i guess i'll stay where im at... GEEZ

    The IRS IS BULL*#*^

    Posted 6 months ago #

  8. Anonymous



    I had this niggling charge added as well this month ($27.95 3 times a year). When I threatened to close my account they refunded my PCI charge ($90) and lowered my UBC Gateway Fee from .24% to .14%. I'm still going to shop for lower cost processing.

    Posted 2 months ago #

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