Department of Treasury March 24, 2014 – Federal Register Recent Federal Regulation Documents

Removal of the Qualified Payment Card Agent Program
Document Number: 2014-06209
Type: Proposed Rule
Date: 2014-03-24
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations that will remove regulations relating to information reporting and backup withholding for the Qualified Payment Card Agent (QPCA) Program. This document also amends regulations to remove references to the QPCA Program and withdraws proposed regulations relating to the QPCA Program. Enactment of the payment card and third party network reporting requirements in the Housing Assistance Tax Act of 2008 made the QPCA Program obsolete. Because no payors have applied to be designated as a QPCA (and no payors have been designated as a QPCA), no taxpayers will be affected by these proposed regulations.