As most firms who accept credit cards are aware the Housing Assistance Tax Act of 2008 requires credit card processors to match all merchant’s FEIN with the legal name on file with the IRS. These regulations started to phase in during 2011 but  this month there will be a 28% withholding penalty for firms who have not complied.

For firms who hold credit card payments in trust, this could lead to serious issues.

Contact ProtectLawyers.com today to help protect your firm from the rising costs of increased regulations.