Does anyone have the specifics on this?

Lisa

PayPal to begin giving the IRS PayPal users account information
http://sianews.com/modules.php?name=News&new_topic=4
[Moderator's note: Above URL is a general one... the specific notice,
which I have verified, is below. BIG]

Notice of IRS Summons

Dear *My Name*,

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.
[section] 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

[Posted in FML 5852]