Saturday, January 12, 2008

Snopes: IRS Notices re PayPal are legit

Link HT: TaxGuru

Back in 2006, the IRS won approval from a federal court to ask PayPal to turn over account information for American taxpayers who have bank accounts, credit cards or debit cards issued by financial institutions in various foreign countries = sites commonly used as tax havens by persons seeking to evade taxes through hiding income in offshore accounts. The current notice was sent to PayPal customers to advise them that the company would be providing some of their account information to the IRS in response to that agency's summons.