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Pennsylvania may ban interchange fees on sales tax

Payments Dive

Democrats in the Keystone state’s House of Representatives are pushing a bill that would prohibit interchange fees from applying to sales tax when consumers make credit or debit card payments.

Taxes 435
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Can payments data help bridge the tax gap?

Accenture: Banking

Historically speaking, taxes have been taxing. Since the inception of taxes, the payment and collection of them has been filled to the brim with delays, hassles, and needless complications. The post Can payments data help bridge the tax gap? A brief history of taxation ….

Taxes 353
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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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7 Ways Instant Payments Impact Deposit Performance

South State Correspondent

With almost 30% of our banks utilizing some portion of instant payments, the industry is starting to gather more data on how instant payments impact balances, customer acquisition, and account usage. Instant payments have the potential to change the payment landscape for banks. But those are surveys. bank accounts.

Payments 195
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Intuit QuickBooks Adds New Tax Prep Features — Is Payroll Next?

Bank Innovation

EXCLUSIVE – First SME loans, now tax preparation features, business software provider Intuit QuickBooks clearly has plans of becoming a comprehensive platform for its SME customers. Is employee payments through the Quickbooks platform going to be their next feature?

Taxes 247
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Mexico To Tax Digital Services From Other Countries

PYMNTS

Mexico passed a law this week that taxes digital services from other countries, according to a report. A 16 percent value-added tax (VAT) will be tacked onto digital services starting on June 1 of this year. The tax will cover all online applications, including video, audio streaming, images, education and others.

Taxes 239
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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.

Taxes 78