Another controversial tax question - IRS FORM 90-22

[rockrock]

Never seen this discussed but it getting it wrong is a felony.

Form 90.22 - Disclosure of foreign financial account

from the form

[ QUOTE ]
Who Must File this Report

Each United States person, who has a
financial interest in or signature authority, or other authority over any
financial accounts, including bank, securities, or other types of
financial accounts in a foreign country, if the aggregate value of
these financial accounts exceeds $10,000 at any time during the
calendar year, must report that relationship each calendar year by
filing TD F 90-22.1 with the Department of the Treasury on or before
June 30, of the succeeding year.

[/ QUOTE ]

Neteller qualifies by any definition imo.

The Neteller website tells us that they will completely cooperate with law enforcement (I assume customer privacy was a victim of their excursion to public equity markets).

I would like to see more Internet Magazine articles on tax issues from qualified professions.

I filed this form last year and will do so again this year, but I hate doing it because it feels like I am inviting them to knock on my door. I'd bet I am the only person in the history of the world to file it for a Neteller account.

[Nomad84]

I've been watching closely to ensure that I don't hit the $10k mark in online (foreign) accounts for this reason. I don't expect to have that luxury next year, so I expect to file this document for 2006.

[NLSoldier]

dammit my dad had been being super paranoid about this, i was hoping he was wrong.

[ddubois]

I read somewhere filing Form 90.22 was the super-bestest way to get audited too.

[Ed Miller]

[ QUOTE ]
I read somewhere filing Form 90.22 was the super-bestest way to get audited too.

[/ QUOTE ]

The rumors I've heard is that the first time you file this form is almost an auto-audit. Auditing can take many forms, so it may not be as annoying as it sounds.

The IRS is a bitch.

BTW, we are working on getting some tax professionals to write for the magazine.

[shadow29]

Does PP (or any poker site, for that matter) qualify for this form?

Like if I've got $10k+ in PP, do I have to file this form?

Or if that's not true, as long as I never have $10k in NETeller (like always xfer $9k at time) then I won't have to file this form?