TITLE

First Data Cooperates in IRS Probe of Offshoring Payments

PUB. DATE
February 2010
SOURCE
American Banker;2/16/2010, Vol. 175 Issue 24, p15
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that the U.S. Internal Revenue Service (IRS) is investigating how $100 billion of credit card payments escape sales and income taxes each year. It is seeking information on clients of processors including First Data Corp. and is looking into the legality of small companies and service providers who minimize their U.S. tax bills by sending credit card receipts to Panama, Nevis, Aruba and the Cayman Islands.
ACCESSION #
48125981

 

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