Comment from Financial Technology Association
Financial Technology AssociationSupportAdvocacy
Summary: The Financial Technology Association (FTA) supports the Proposed Rule's definition of "other similar physical instrument" and its exclusion of prepaid cards from the remittance transfer tax. However, they urge the IRS to clarify the anti-avoidance provision to exempt digital-only providers from being held liable for tax avoidance schemes involving unrelated third parties.
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