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My understanding is that NT is essentially an offshore account and that the debit cards are untraceable. No way of Big Brother tracking $$ in or out if used for cash withdrawals.

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Aside from being a bad idea, I think this is untrue. I think the NETeller debit card works through a US-based bank.

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Yep - untrue. The simple fact is that if you get audited, they'll find out about your Neteller account, get the details from Neteller, which will show all your debit card transactions.

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Really? And how will they find out about your neteller account? Is Party Poker going to tell them? Is NT going to volunteer the info. NT is domiciled in the Isle of Man and not subject to US banking laws. That's one of the reasons your NT card has no name on it.

So let's set up a hypothetical: Jim opens a NT account and does an EFT for $1,000. A month later he has run that up to $3,000 on PP. He then does an EFT back to his original account for $1500. During the course of the year he turns the $1500 in his NT account into $20,000 and takes out $1,000 a month on his NT debit card. No money ever goes through his US bank accounts. At the end of the year he reports a net win of $500 on his taxes.

You are making assumptions about how the IRS and tax audits are conducted that simply aren't true.