November 6th, 2005
IRS Seeks Tax Evader Names from PayPal
By Michael Santo
Contributing Writer, RealTechNews
What is it they say about weapon “fill-in-the-blank” not killing people, but people killing people? Technology is much the same … it can have legal or illegal uses.
PayPal, the internet money-transfer arm of eBay, is to disclose the identity of customers who use the service to evade paying US taxes.
According to the IRS, PayPal’s services have proved very attractive to tax evaders and the problem is growing. Customers can buy goods from eBay and many other shopping websites, pay for them from untaxed income held offshore and get the goods sent to their home address.
Tax authorities are also concerned that PayPal can be used to “launder” untaxed money between an individual’s offshore and domestic accounts. Source: The Independent
We Say: This is very interesting. Although I could see how offshore accounts can be used, it never occurred to me that PayPal could be used to launder money. It makes perfect sense, though; all you really need is two email addresses.
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November 6th, 2005 at 6:44 pm
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November 6th, 2005 at 9:24 pm
Lockergnome's Tech News Watch says:
PayPal Attractive To Tax Evaders And Money Launderers
What is it they say about weapon “fill-in-the-blank” not killing people, but people killing people? Technology is much the same… it can have legal or illegal uses. Case in point, eBay’s PayPal:…
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