The Internal Revenue Service has obtained approval from a federal court to ask PayPal Inc. to reveal the information regarding the persons who are suspected to indulge in evading taxes. IRS official hold the view that many people are hiding their income in different countries in order to evade taxes.
The federal court of San Jose, California has given IRS carte blanche to ask PayPal which enables online money transfer, to reveal the account information of American taxpayers. The company has almost 100 million account holders across the globe.
The approval of the court is a result of the efforts taken by the IRS which started several years back. The IRS, reportedly, has requested to give details of transaction held between 1999 and 2004.
On the other hand, there is no positive note seen from the side of PayPal. They are of the view that they are in process of evaluating their options and the privacy of their clients is a serious issue for them.
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