Dayton Business Journal — U.S. Sen. Sherrod Brown, D-Ohio, is requesting Citibank stop sending unnecessary tax forms to customers.
The Democratic senator on Monday sent Citibank CEO Vikram Pandit a letter asking the official to stop sending 1099 tax forms to customers who receive frequent flier miles in return for opening a checking or savings account.
According to Brown, Citibank has been incorrectly categorizing frequent flier miles as rewards and prizes, which are considered taxable income, with a valuation of 2.5 cents per mile. However, in 2002, the IRS ruled that frequent flier miles should not be classified as rewards or prizes because of the “numerous technical and administrative issues relating to these benefits.”
- Vindicator: Sen. Brown tours steel plant
- Canton Repository: Senator Brown pays a visit to area manufacturer, wants to boost ties between education and industry
- The Columbus Dispatch: Democrats flying in to check out Columbus for convention
- The Morning Journal: Sherrod Brown testifies for U.S. steelmakers in trade case
- WFMJ: Brown continues to fight for Delphi salaried retirees