With every passing year, depositing checks becomes easier. Self-service ATMs removed the need to visit banks during normal business hours. And with the rise of mobile deposits, customers don't have to leave their homes at all. They simply scan checks with their smartphones or tablets and deposit the money directly into bank accounts, prepaid cards, mobile wallets, or any other accounts of their choosing.
There are sometimes advantages to being a late adopter. For example, many parts of the developing world lacked extensive telecommunications infrastructure during the 1980s. But then along came mobile technology, and these countries didn’t have to invest in expensive telephone lines. They were able to leapfrog over the older technology completely. And they could also learn from the growing pains of mobile markets that preceded them.
It's hard to believe the iPhone 6 was released nearly three months ago.
Apple is finally getting into the mobile payments arena after years of sitting on the sidelines. With more than 500 million iPhones already in circulation, the company is no stranger to payments made within its closed iTunes ecosystem. Apple Pay now offers mobile payment features at other online and retail stores, which could revolutionize the shopping landscape.
Similar to income tax withholding on a paycheck, backup withholding is imposed by the IRS on certain types of investments and income. The Housing and Recovery Act of 2008 included Amendment 6050W, Merchant Tax Reporting. This Amendment requires all merchant accounts providers to collect and verify TINs and report annual gross payments processed by debit or credit cards using Form 1099-K (Payment Card and Third Party Network Transactions) to the IRS and merchants.