The Internal Revenue service won approval Tuesday from federal court in San Jose to ask PayPal Inc. for account information on its customers.
San Jose-based PayPal, which is owned by San Jose-based eBay Inc. (NASDAQ:EBAY) is still evaluating its options, according to reports. The company enables online money transfers and the IRS is looking for information on people who be evading taxes by hiding income in other countries.
The request is an outgrowth of an IRS effort that began several years ago to trace money held offshore. The request covers transactions from 1999 through 2004.
A 2003 amnesty program netted $170 million in taxes and penalties from income hidden offshore.
San Jose-based PayPal, which is owned by San Jose-based eBay Inc. (NASDAQ:EBAY) is still evaluating its options, according to reports. The company enables online money transfers and the IRS is looking for information on people who be evading taxes by hiding income in other countries.
The request is an outgrowth of an IRS effort that began several years ago to trace money held offshore. The request covers transactions from 1999 through 2004.
A 2003 amnesty program netted $170 million in taxes and penalties from income hidden offshore.