Is neteller a foreign bank?

[bicyclekick]

Does neteller qualify as one of the banks you have to fill out that form for the IRS for about foreign bank accounts that have had over $10k that was DUE june 30th for last year that I'm now late on? Any guesses at the penalty for being late?

[SwordFish]

[ QUOTE ]
According to Vernon Jacobs, a CPA and co-author of "The Offshore Tax Manual", "Foreign financial accounts include bank checking accounts, securities accounts, time deposits, accounts where access is available via credit card and even such arrangements as e-gold." However, Jacobs points out that no report is required if the maximum value of all such foreign accounts (combined) in the prior year (2003) did not equal or exceed $10,000

[/ QUOTE ] Link (http://www.offshorepress.com/pr40712.htm)

[ QUOTE ]
Schedule B
Part III asks you to answer "yes" or "no" to two questions. The first question is, did you, at any time during the tax year, have an interest in or signature or other authority over a bank account, securities account, or other financial account in a foreign country? However, do not check the "yes" box if the combined value of the accounts was $10,000 or less during the year

[/ QUOTE ] Link (http://taxguide.completetax.com/text/c60s10d450.asp)



Although Neteller is not a bank, it would be considered a financial account.


SF