Credit Card Processor Asked for Offshore Data – NYTimes.com
By LYNNLEY BROWNING
April 15, 2009The federal government is widening its investigation of offshore tax evasion to include services sold by the First Data Corporation, a large processor of credit-card transactions.
As part of the inquiry, the Internal Revenue Service on Wednesday asked a Federal District Court in Denver to order First Data to turn over account information on scores of merchants that sell or provide offshore services, such as financial transactions processing.
The summons, if approved by a federal judge, would compel First Data to identify American clients who, through credit cards, debit cards and other financial processing arrangements, “may have diverted unreported income offshore or received unreported income from undisclosed offshore sources or have taken improper deductions or credits or have failed to withhold tax on certain payments made offshore,” all going back to 2002.
read article here… Credit Card Processor Asked for Data on Offshore Clients – NYTimes.com.
