MCC 8931 covers professional services related to accounting, auditing, and bookkeeping, often provided to businesses and individuals for financial and tax compliance needs.
Interchange Fee
Interchange fees for MCC 8931 transactions typically range from 1% to 3%, depending on the nature of the service, transaction volume, and specific agreements with card issuers and payment processors.
Cashback Rewards
Cashback rewards eligibility for services under MCC 8931 varies by card issuer policies. Business expenses may offer enhanced rewards or rebates on certain cards.
Rules and Restrictions
There are no special rules or restrictions imposed by payment processors for transactions categorized under MCC 8931.
Tax Reporting
The IRS may require tax reporting for services rendered under MCC 8931, particularly for business-related transactions and payments involving tax preparation services. The extent of tax liability and reporting depends on the specific service context.