Essentially, the bill requires Visa, MasterCard, Discover, American Express, PayPal, Amazon, Google Checkpoint, and virtually every other "electronic payment system" to track, aggregate, and report information on nearly every electronic transaction to the IRS. They must report:Asset Protection BLOG - Mark Nestmann: Housing Bailout Bill: Say Goodbye to Untaxed Internet Transactions
- The gross amount of payment card and third-party network transactions and
- The name, address, and taxpayer identification number of the participating merchant
However, the bill gives these systems more than two years to gear up for these requirements--mandatory reporting won't come into effect until 2011.