Proposed regulations - References to obsolete QPCA program are withdrawn 

March 21:  The Treasury Department and IRS today released for publication in the Federal Register proposed regulations (REG-163195-05) that, when finalized, would:
  • Remove regulations relating to information reporting and backup withholding for the Qualified Payment Card Agent (QPCA) program
  • Amend existing regulations to remove references to the QPCA program
  • Withdraw prior proposed regulations relating to the QPCA program

Enactment of the payment card and third-party network reporting requirements in 2008 (i.e., the Form 1099-K reporting regime under section 6050W) rendered the QPCA program obsolete.

According to the preamble to today’s release, no payors have applied to be designated as a QPCA (and no payors have been designated as a QPCA), and therefore no taxpayers will be affected by these proposed regulations.

Read text of today’s proposed regulations [PDF 25 KB].

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