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IRS Seeks Payment Processor Data in Offshore Tax Probe

By Brian Monroe

The Internal Revenue Service is seeking information from the nation's largest payment processor on merchants that allegedly use offshore bank accounts to avoid paying taxes, the agency said Wednesday. The IRS has asked the U.S. District Court of Colorado to approve a "John Doe" summons, used when the identities of investigation subjects are unknown, for information from First Data Corp., one of the world's largest payment processors, according to a U.S. Treasury Department statement. The Denver, Col.-based, privately-held company has nearly 740 million card accounts on file. The IRS is alleging that an unnamed number of merchants opened bank accounts...

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