10-07-2011, 01:30 PM
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It's 42
Industry Role:
Join Date: Jun 2010
Location: Global
Posts: 18,083
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Quote:
http://www.auctionbytes.com/cab/abu/...03/abu0258/s03
IRS to Track Online Sellers' Payment Transactions
Providing Your Tax ID Number to Processors
Merchants will have to provide their federal tax identification numbers to the companies processing their transactions. If they fail to do so, they may become subject to "backup withholding," which means these companies will have to deduct and withhold income tax from reportable payments. Backup withholding won't go into effect until 2012.
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Makes sense but unknown source
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