steif3
11-12-2008, 09:11 AM
Found this on another forum,
PayPal used to be on top of the world. The company was for many people the one of choice for putting money into their online gambling accounts. Now, those same people who made PayPal what they were, are being sold out by the company.
It has been announced that PayPal has opened their client account information that was supposed to be secure, to the IRS. The move could mean trouble for thousands of people who were using PayPal to transfer gambling money.
The IRS is thought to be investigating something much bigger than just online gambling. They are looking to investigate people who have been linked to banks that are considered by the IRS to be 'tax havens'.
The IRS is trying to also crack down on people who have income that they are not claiming. Gambling mo0ney won online would be classified in that group.
PayPal was one of the bigger companies that accepted money from gamblers and transferred the money to Internet gambling sites. That all stopped in 2002 when the company was fined by Attorney General Elliot Spitzer.
PayPal has been trying to keep its distance from the online gambling industry since then. "Even if they had kept themselves away, there was no reason for them to sell out the many people who gave them money and trusted them with private information," said online gambling analyst, Gordon Price.
The move to give the IRS the records could lead to civil lawsuits against the company. Their information is supposed to have been secure, and with PayPal now opening the records, people will claim they are in violation of security agreements.
Follow this link to see the actual notice sent to some Paypal members
http://www.snopes.com/politics/taxes/paypal.asp
Credit goes to:
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
Just thought I'd pass it on. This is getting a bit to much to handle. I wonder if it is even worth the hassle of gambling online anymore.
Steif3
PayPal used to be on top of the world. The company was for many people the one of choice for putting money into their online gambling accounts. Now, those same people who made PayPal what they were, are being sold out by the company.
It has been announced that PayPal has opened their client account information that was supposed to be secure, to the IRS. The move could mean trouble for thousands of people who were using PayPal to transfer gambling money.
The IRS is thought to be investigating something much bigger than just online gambling. They are looking to investigate people who have been linked to banks that are considered by the IRS to be 'tax havens'.
The IRS is trying to also crack down on people who have income that they are not claiming. Gambling mo0ney won online would be classified in that group.
PayPal was one of the bigger companies that accepted money from gamblers and transferred the money to Internet gambling sites. That all stopped in 2002 when the company was fined by Attorney General Elliot Spitzer.
PayPal has been trying to keep its distance from the online gambling industry since then. "Even if they had kept themselves away, there was no reason for them to sell out the many people who gave them money and trusted them with private information," said online gambling analyst, Gordon Price.
The move to give the IRS the records could lead to civil lawsuits against the company. Their information is supposed to have been secure, and with PayPal now opening the records, people will claim they are in violation of security agreements.
Follow this link to see the actual notice sent to some Paypal members
http://www.snopes.com/politics/taxes/paypal.asp
Credit goes to:
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
Just thought I'd pass it on. This is getting a bit to much to handle. I wonder if it is even worth the hassle of gambling online anymore.
Steif3