On August 16, 2010 the IRS issued guidelines regarding the mandatory information reporting of payments made to merchants by third parties and information reporting penalties and backup withholding rules for third party and payment card transactions; mostly defining who is responsible for what. Perhaps the most important part of the new guidelines, at least for the majority of information reporters, is in regards to payment card (P-Card) transactions and thus the focus of this article is on the sections of the law applicable to P-Card reporting. In particular...