Common use of TAX REPORTING OBLIGATIONS Clause in Contracts

TAX REPORTING OBLIGATIONS. Merchant acknowledges that, pursuant to Section 6050W of the Internal Revenue Code, BASE COMMERCE is responsible for filing with the IRS annual information returns for all reportable payment transactions to Merchant for whom BASE COMMERCE processes transactions under this Agreement and any Merchant Card Processing Agreement. Merchant shall cooperate with BASE COMMERCE and take all reasonable steps to aid its reporting obligations and compliance with Section 6050W, including, but not limited to, provide an accurate and verifiable tax filing name and tax identification number (“TIN”) for each Merchant account. Merchant further acknowledges and agrees that, if it fails to provide an accurate tax filing name or TIN information, the IRS notifies BASE COMMERCE of a discrepancy between the information provided by Merchant and the IRS records, or if requested by the IRS for any reason, BASE COMMERCE shall be required to perform backup withholding from Merchant funding by deducting and withholding income tax in an amount based on the IRS withholding regulations at the time withholding is required from the gross amount of each reportable transaction pursuant to Section 6050W and its corresponding regulations. Merchant expressly authorizes BASE COMMERCE to withhold from Merchant’s funding or debit Merchant’s Account (or another account designated by Merchant if there are insufficient funds in the Account to cover the required withholding) for any and all backup withholding amounts required by Section 6050W and its corresponding regulations.

TAX REPORTING OBLIGATIONS. Merchant acknowledges acknow ledges that, pursuant to Section 6050W of the Internal Revenue Code, BASE COMMERCE TSYS is responsible for filing with w ith the IRS annual information returns for all reportable payment transactions to Merchant for whom BASE COMMERCE w hom TSYS processes transactions under this Agreement and any Merchant Card Processing Agreement. Merchant shall cooperate with BASE COMMERCE w ith TSYS and take all reasonable steps to aid its reporting obligations and compliance with w ith Section 6050W, including, but not limited to, provide an accurate and verifiable tax filing name and tax identification number (“TIN”) for each Merchant account. Merchant further acknowledges acknow ledges and agrees that, if it fails to provide an accurate tax filing name or TIN information, the IRS notifies BASE COMMERCE TSYS of a discrepancy between betw een the information provided by Merchant and the IRS records, or if requested by the IRS for any reason, BASE COMMERCE TSYS shall be required to perform backup withholding w ithholding from Merchant funding by deducting and withholding w ithholding income tax in an amount based on the IRS withholding w ithholding regulations at the time withholding w ithholding is required from the gross amount of each reportable transaction pursuant to Section 6050W and its corresponding regulations. Merchant expressly authorizes BASE COMMERCE TSYS to withhold w ithhold from Merchant’s funding or debit Merchant’s Account (or another account designated by Merchant if there are insufficient funds in the Account to cover the required withholdingw ithholding) for any and all backup withholding w ithholding amounts required by Section 6050W and its corresponding regulations.

TAX REPORTING OBLIGATIONS. Merchant acknowledges that, pursuant to Section 6050W of the Internal Revenue Code, BASE COMMERCE Third-Party Processor is responsible for filing with the IRS annual information returns for all reportable payment transactions to Merchant for whom BASE COMMERCE Third-Party Processor processes transactions under this Agreement and any Merchant Card Processing Agreement. Merchant shall cooperate with BASE COMMERCE Third-Party Processor and take all reasonable steps to aid its reporting obligations and compliance with Section 6050W, including, but not limited to, provide an accurate and verifiable tax filing name and tax identification number (“TIN”) for each Merchant account. Merchant further acknowledges and agrees that, if it fails to provide an accurate tax filing name or TIN information, the IRS notifies BASE COMMERCE Third-Party Processor of a discrepancy between the information provided by Merchant and the IRS records, or if requested by the IRS for any reason, BASE COMMERCE Third-Party Processor shall be required to perform backup withholding from Merchant funding by deducting and withholding income tax in an amount based on the IRS withholding regulations at the time withholding is required from the gross amount of each reportable transaction pursuant to Section 6050W and its corresponding regulations. Merchant expressly authorizes BASE COMMERCE Processor to withhold from Merchant’s funding or debit Merchant’s Account (or another account designated by Merchant if there are insufficient funds in the Account to cover the required withholding) for any and all backup withholding amounts required by Section 6050W and its corresponding regulations.