What is the TIN (Tax Identification Number) Validation fee?
As a part of the new IRS requirement, processors are required to do an initial set up for each merchant to match the company name and corresponding TIN to the TIN matching database at the IRS. This may require further communications to merchants via additional letters, telephone calls, emails or other correspondence asking merchants to verify their company names and TIN. iPayment merchants will be charged a one time non refundable fee called the TIN Validation fee to recover the expenses associated with this multi step process. This fee is currently not billed by our other processors.
Related Questions
- I have a baby-sitter who takes care of my kids, but does not have a Tax Identification Number (TIN). What should I do since a TIN is required with each reimbursement request?
- How did Vemma get the "Name" and "Social Security Number/Tax Identification Number" (SSN/TIN) for the 1099-MISC?
- What if I do not have the Federal ID or Social Security Number (Tax Identification Number--TIN)?
