Common use of IRS Withholding Regulations Clause in Contracts

IRS Withholding Regulations. Pursuant to Section 6050W of the Internal Revenue Code, merchant acquiring entities and third party settlement organizations are required to file an information return for each calendar year reporting all payment Card Transactions and third party network Transactions with payees occurring in that calendar year. Accordingly, Merchant will receive a Form 1099-K reporting its gross Transaction amounts for each calendar year. The Merchant’s gross Transaction amount refers to the gross dollar amount of the Card Transactions processed through its merchant account with Bank. In addition, amounts reportable under Section 6050W are subject to backup withholding requirements. Payors will be required to perform backup withholding by deducting and withholding income tax from reportable Transactions if (a) the payee fails to provide the payee’s taxpayer identification number (TIN) to the payor, or (b) if the IRS notifies the payor that the TIN (when matched with the name) provided by the payee is incorrect. Accordingly, to avoid backup withholding, it is very important that Merchant provide Bank and Company with the correct name and TIN that it uses when filing its tax return that reflects the Transactions under this Agreement. MERCHANT AGREES THAT COMPANY AND BANK WILL NOT BE LIABLE FOR ANY DAMAGES RESULTING FROM MERCHANT PROVIDING INCORRECT TIN INFORMATION. A9.01 Merchant shall be bound by the American Express Merchant Operating Guide: xxx.xxxxxxxxxxxxxxx.xxx/xxxxxxxxxxxxxxx.

IRS Withholding Regulations. Pursuant to Section 6050W of the Internal Revenue Code, merchant acquiring entities and third party settlement organizations are required to file an information return for each calendar year reporting all payment Card Transactions card transactions and third party network Transactions transactions with payees occurring in that calendar year. Accordingly, Merchant will receive a Form 1099-K reporting its gross Transaction transaction amounts for each calendar year. The Merchant’s gross Transaction transaction amount refers to the gross dollar amount of the Card Transactions card transactions processed through its merchant account with Bank. In addition, amounts reportable under Section 6050W are subject to backup withholding requirements. Payors will be required to perform backup withholding by deducting and withholding income tax from reportable Transactions transactions if (a) the payee fails to provide the payee’s taxpayer identification number (TIN) to the payor, or (b) if the IRS notifies the payor that the TIN (when matched with the name) provided by the payee is incorrect. Accordingly, to avoid backup withholding, it is very important that Merchant provide Bank and Company with the correct name and TIN that it uses when filing its your tax return that reflects includes the Transactions under this Agreement. MERCHANT AGREES THAT COMPANY AND BANK WILL NOT BE LIABLE FOR ANY DAMAGES RESULTING FROM MERCHANT PROVIDING INCORRECT TIN INFORMATIONtransactions for its business. A9.01 Merchant shall be bound by the American Express Merchant Operating Guide: xxx.xxxxxxxxxxxxxxx.xxx/xxxxxxxxxxxxxxx.

IRS Withholding Regulations. Pursuant to Section 6050W of the Internal Revenue Code, merchant acquiring entities and third party settlement organizations are required to file an information return for each calendar year reporting all payment Card Transactions and third party network Transactions with payees occurring in that calendar year. Accordingly, Merchant will receive a Form 1099-K reporting its gross Transaction amounts for each calendar year. The Merchant’s gross Transaction amount refers to the gross dollar amount of the Card Transactions processed through its merchant account with Bank. In addition, amounts reportable under Section 6050W are subject to backup withholding requirements. Payors will be required to perform backup withholding by deducting and withholding income tax from reportable Transactions if (a) the payee fails to provide the payee’s taxpayer identification number (TIN) to the payor, or (b) if the IRS notifies the payor that the TIN (when matched with the name) provided by the payee is incorrect. Accordingly, to avoid backup withholding, it is very important that Merchant provide Bank and Company with the correct name and TIN that it uses when filing its tax return that reflects the Transactions under this Agreement. MERCHANT XXXXXXXX AGREES THAT COMPANY AND BANK WILL NOT BE LIABLE FOR ANY DAMAGES RESULTING FROM MERCHANT PROVIDING INCORRECT TIN INFORMATION. TERMS BELOW ARE ADDITIONALLY APPLICABLE TO ONLY THOSE MERCHANTS WITH. BANK IS NOT A PARTY TO THESE AMERICAN EXPRESS TERMS AND CONDITIONS. A9.01 Merchant shall be bound by the American Express Merchant Operating Guide: xxx.xxxxxxxxxxxxxxx.xxx/xxxxxxxxxxxxxxx. A9.02 With respect to participation in an American Express acceptance program, in the event of a conflict between the terms below and other terms of this Agreement, the terms below shall control.

IRS Withholding Regulations. Pursuant to Section 6050W of the Internal Revenue Code, merchant acquiring entities and third party settlement organizations are required to file an information return for each calendar year reporting all payment Card Transactions and third party network Transactions with payees occurring in that calendar year. Accordingly, Merchant will receive a Form 1099-K reporting its gross Transaction amounts for each calendar year. The Merchant’s gross Transaction amount refers to the gross dollar amount of the Card Transactions processed through its merchant account with Bank. In addition, amounts reportable under Section 6050W are subject to backup withholding requirements. Payors will be required to perform backup withholding by deducting and withholding income tax from reportable Transactions if (a) the payee fails to provide the payee’s taxpayer identification number (TIN) to the payor, or (b) if the IRS notifies the payor that the TIN (when matched with the name) provided by the payee is incorrect. Accordingly, to avoid backup withholding, it is very important that Merchant provide Bank and Company with the correct name and TIN that it uses when filing its tax return that reflects the Transactions under this Agreement. MERCHANT XXXXXXXX AGREES THAT COMPANY AND BANK WILL NOT BE LIABLE FOR ANY DAMAGES RESULTING FROM MERCHANT PROVIDING INCORRECT TIN INFORMATION. AMERICAN EXPRESS CARD ACCEPTANCE TERMS BELOW ARE ADDITIONALLY APPLICABLE TO ONLY THOSE MERCHANTS WITH. BANK IS NOT A PARTY TO THESE AMERICAN EXPRESS TERMS AND CONDITIONS. A9.01 Merchant shall be bound by the American Express Merchant Operating Guide: xxx.xxxxxxxxxxxxxxx.xxx/xxxxxxxxxxxxxxx.