I realize this is old news, but still interesting...
IRS to search PayPal records for tax evaders
http://news.zdnet.com/2100-9588_22-6060920.html
Published on ZDNet News: April 13, 2006, 10:11 AM PT
A federal court has granted the Internal Revenue Service permission to search PayPal members' offshore bank accounts and credit card records to identify possible tax evaders.
"Under the order, issued by a U.S. District Court judge in San Jose, Calif., the IRS can view those records under certain conditions, the Justice Department announced this week. The IRS is seeking the access as part of its larger Offshore Credit Card Program, which aims to crack down on U.S. taxpayers who hold money offshore to avoid paying taxes.
The IRS is seeking information on U.S. taxpayers who have signature authority over bank and credit card accounts issued by, or through, financial institutions in more than 30 countries. The foreign countries, which range from Bermuda to Costa Rica to Singapore, have bank secrecy laws that allow account holders to refrain from disclosing income and assets that are subject to federal income taxes in the U.S.
PayPal currently operates in 10 of those countries, including Costa Rica, Singapore, Hong Kong, Switzerland, Malta and Luxemburg.
According to the order, the IRS can review the bank and credit card accounts of PayPal members, providing they meet three stipulations...."
IRS to search PayPal records for tax evaders
http://news.zdnet.com/2100-9588_22-6060920.html
Published on ZDNet News: April 13, 2006, 10:11 AM PT
A federal court has granted the Internal Revenue Service permission to search PayPal members' offshore bank accounts and credit card records to identify possible tax evaders.
"Under the order, issued by a U.S. District Court judge in San Jose, Calif., the IRS can view those records under certain conditions, the Justice Department announced this week. The IRS is seeking the access as part of its larger Offshore Credit Card Program, which aims to crack down on U.S. taxpayers who hold money offshore to avoid paying taxes.
The IRS is seeking information on U.S. taxpayers who have signature authority over bank and credit card accounts issued by, or through, financial institutions in more than 30 countries. The foreign countries, which range from Bermuda to Costa Rica to Singapore, have bank secrecy laws that allow account holders to refrain from disclosing income and assets that are subject to federal income taxes in the U.S.
PayPal currently operates in 10 of those countries, including Costa Rica, Singapore, Hong Kong, Switzerland, Malta and Luxemburg.
According to the order, the IRS can review the bank and credit card accounts of PayPal members, providing they meet three stipulations...."