Does your business take PayPal? Don’t, um, “forget” to pay your taxes. The IRS has just won court approval to turn over information about people who may try to fiddle the taxman by hiding income in other countries. I.R.S. Asks PayPal for Taxpayer Data
A federal court gave the I.R.S. permission to ask PayPal for information on American taxpayers who have bank accounts or credit/debit cards from financial institutions in more than 30 countries that are reputed to be tax havens. Question is, will Paypal comply?
A spokeswoman confirmed the company received the summons, but said they’re still evaluating their options. “The privacy of our customers’ information is something we take really seriously.”
Gee, you mean payPal isn’t a free pass?