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Judge partially halts Illinois law ending card fees for taxes, tips

Payments Dive

Banks seeking to halt a new Illinois law that bars credit card interchange fees on taxes and tips succeeded on one front, but not another, at least for now.

Illinois 400
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Illinois heads toward landmark card interchange fee restrictions

Payments Dive

The state may become the first in the nation to outlaw the imposition of credit and debit card interchange fees on state excise tax and tips.

Illinois 482
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OCC seeks to halt Illinois card interchange fee law

Payments Dive

The Office of the Comptroller of the Currency blasted an Illinois law that prohibits credit and debit card interchange fees on tips and excise taxes.

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Gift Cards A Taxing Problem? Not Necessarily Says Tango Card CCO

PYMNTS

And when it comes to rewarding employees with a holiday or other work anniversary reward, the last thing businesses need is to have their generosity become a tax headache. However, he added, the tax implications should not exceed the cost and purpose of the present. “We Awesome … My Fourth Water Bottle.

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Stimulus Check Visa Debit Cards Being Mailed To 8 Million Households

PYMNTS

Roughly 8 million stimulus check Visa debit cards are being mailed to households this week, the U.S. The Economic Impact Payment (EIP) cards were issued by MetaBank, N.A. The EIP cards will arrive by the USPS in a white envelope that “prominently displays the U.S. Treasury Department said in a press release on Thursday (Jan.

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High-Value Cash Transactions That Could Trigger Income Tax Scrutiny

BankBazaar

Large cash transactions, particularly those exceeding specified thresholds, can attract attention from the Income Tax Department. The Income Tax Department (ITD) employs stringent regulations to monitor high-value financial transactions to prevent tax evasion and money laundering.

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Tax ID Fraud is Taxing on Financial Institutions

Abrigo

Understanding tax ID fraud FinCrime professionals looking to prevent tax ID fraud, first need to understand the fundamentals of what is happening and their best recourse for prevention. Takeaway 1 Fraudsters file illegitimate tax returns early, hoping people wait to submit their legitimate ones.

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