In order to comply with the new IRS mandate for merchant tax reporting, Wind River Financial must validate your company name and Federal Tax ID to ensure that our records match the IRS tax reporting database.
The new IRS regulations, enacted as part of the Housing Assistance Tax Act of 2008, require the gross amount of payment card transactions (i.e. credit and debit card sales) processed by merchants to be reported annually to the IRS via a 1099-K form. The first 1099-K forms, reporting total transactional volume for 2011, must be filed by January 2012. According to the IRS, these new reporting rules are intended to help them confirm the accuracy of business tax returns.
Wind River Financial Support
Earlier this year, Wind River Financial established a new reporting system to track each merchant’s transaction volume to support the annual IRS filing. With this new system, Wind River Financial will complete and submit the appropriate forms directly to the IRS on your behalf.
Please review, complete, sign and return a W-9 form. The official form can be found at: http://www.irs.gov/pub/irs-pdf/fw9.pdf It is really, really helpful if you can indicate your Merchant Identification Number on the W-9 form. It can be found on your merchant statement that you get from Wind River and it begins with the numbers: 8750000
This form may be emailed, or mailed to your Relationship Manager.
Upon your return of the completed W-9 form, Wind River Financial will utilize the IRS TIN matching program to confirm the exact match of the company name and number. For this reason, it is vital that you provide your legal company name as reported on your income tax return.
If we encounter any data discrepancies when matched against the IRS database, we will contact you for clarification.
Thank you for your prompt attention. We want this to be as painless as possible, so neither of us have to worry about this in the future. As always, do not hesitate to contact us toll free 800-704-7253 with any questions.
The IRS requires back up withholding for merchants whose information does not precisely match the IRS database. Therefore, your attention to this matter now will help avoid tax reporting problems in the future.