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Old 04 January 2008, 09:37 PM
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Read This! PayPal IRS Notice

http://www.snopes.com/politics/taxes/paypal.asp

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Comment: Is this legitimate?

Dear (NAME REMOVED),

PayPal has received a summons from the United States Internal Revenue
Service requiring us to produce various account records, including data
related to your PayPal account. PayPal understands the summons relates
to the IRS' offshore compliance program in which the IRS has sought
information about offshore credit card accounts from a number of
companies.

Your privacy is extremely important to PayPal. PayPal is obligated,
however, to turn over the requested data. PayPal has been ordered by the
United States District Court for the Northern District of California to
provide the information to the IRS, and PayPal expects to begin providing
this information to the IRS on January 10, 2008. The summons and court
order both issue from the United States District Court in an action
entitled: In The Matters of the Tax Liabilities of John Does, Case No.
CV-05-04176-JW.

If you have any concerns about the disclosure of this information, you
should consult with your tax or legal advisor. You may have rights in
connection with the summons, including the right to seek to prevent the
IRS from obtaining some or all of the information. The statute of
limitations that limits the time in which the IRS may assert tax
liabilities against you may be suspended beginning on the date which is
six months after the IRS served the summons upon PayPal and continuing
until PayPal finally resolves its response to the IRS. See 26 U.S.C.
7609(e)(2).

PayPal cannot provide you with legal advice. If you have questions
concerning the summons and court order, we encourage you to contact the
IRS, your tax advisor and/or your attorney.

If you wish to contact the Internal Revenue Service regarding this matter,
they can be reached at (215) 516-4777.

Thank You,
The PayPal Legal Team
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  #2  
Old 04 January 2008, 09:54 PM
Not_Done_Living's Avatar
Not_Done_Living Not_Done_Living is offline
 
Join Date: 02 September 2006
Location: Markham, ON
Posts: 3,735
Default

I do believe that that may be legitimate.
Paypal earnings (such as ebay sales) are income, and are taxable.
I pay Canadian taxes on my paypal income from a website i run.
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