The IRS is After Your PayPal Account

The Internal Revenue Service (IRS) has received approval from a federal court in San Jose, California, to ask PayPal to turn over your account information.

The IRS is after anyone who uses PayPal to hide money in other countries in order to avoid paying taxes. PayPal has been asked to hand over account information for American taxpayers who have bank accounts, credit cards or debit cards issued in more than 30 countries known for being "tax havens." This request covers any transactions that occurred from 1999 to 2004.

At this time PayPal has neither agreed nor disagreed to hand over this information to the IRS. PayPal spokeswoman Amanda Pires said, "We're still evaluating our options. The privacy of our customers' information is something we take really seriously."

PayPal has over 100 million accounts to date and last year alone PayPal handled $27.5 billion in transactions.

News source: CNN

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