Quote:
Originally Posted by GrandMaster
The reporting requirement is for foreign financial accounts, which would include Neteller in my opinion. Paypal is a US company, not foreign, hence no reporting requirement.
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The IRS arm that processes the disclosure form told me they were an English Company and needed to be disclosed as a foreign account. That isn't true. As you note, they are an American Company.
I did note where the IRS has issued John Doe Summones to Paypal for customer records. So I guess if they will do it with PayPal, they will be doing it with Neteller. But PayPal communicates about what is turned over and what is not. See story here:
http://news.com.com/IRS+to+search+Pa...3-6060920.html
Note specifics required to get information:
"According to the order, the IRS can review the bank and credit card accounts of PayPal members, providing they meet three stipulations.
One is that a "reasonable basis" exists for believing a person may have failed to comply with IRS laws. A second requirement is the investigation relates to a particular person. Furthermore, the information being sought must not be easily obtained through other sources. "
That's a lot different than just handing over a customer list. I think Neteller should communicate with us officially and tell us what they are doing.
Stanford