TAG Tax

Contact: Saul Brenner of Berdon LLP (New York, New York, USA - TIAG)

The IRS may regard your offshore PayPal accounts as financial accounts that would have to be reported when disclosing your overseas assets on the Report of Foreign Bank and Financial Accounts (FBAR). This questionable area has become an issue with the IRS because the PayPal account holder owns the funds in the account — the account has a present value — and it is a simple matter to withdraw those funds.