The IRS reviews PayPal accounts for unreported income
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Are you one of the many people that sell things on eBay and keep the money off your income records? If so, you better keep an eye out in the mail box for some nasty mail from the IR. It seems that our IRS has enough time to examine PayPal accounts for people that are trying to save a dime by avoiding taxes.
The Internal Revenue Service is examining some electronic-payment transactions processed by eBay Inc.’s PayPal unit to find U.S. taxpayers who keep unreported income in offshore accounts, officials said. A federal court granted the government’s request to obtain information on transactions conducted by an undetermined number of PayPal users since Jan. 1, 1999.
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