TaxNewsFlash-United States

July 20, 2007
No. 2007-320
    
 

Proposed Revenue Procedure for Qualified Payment Card Agents

The IRS is releasing Notice 2007-59 in the Internal Revenue Bulletin dated Monday, July 23, 2007, as a proposed revenue procedure that would establish a procedure for a payment card organization to request a determination that it is a Qualified Payment Card Agent. The guidance is intended to reflect the current electronic business operations of the payment card industry.

The proposed revenue procedure would supersede Rev. Proc. 2004-42.

For an electronic version of the notice: Notice 2007-59

Comments on the proposed guidance must be submitted to the IRS by September 24, 2007.
 

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