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Submission + - Electronic Transaction Reporting Almost Law (workshak.com)

lexbaby writes: "Over the weekend, the Senate passed a housing relief bill. President Bush is expected to sign it into law soon, perhaps this week. In addition to items directly related to the mortgage market, the housing relief bill offers additional provisions that are quite troubling. Including electronic payment processors and credit card processors are now being required to report transactions to the IRS. This adds another layer of work to any number of enterprises, and can be hard on small businesses and banks alike. Not to mention the new privacy concerns that come with this provision."
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Electronic Transaction Reporting Almost Law

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