Neteller tax question

[z32fanatic]

Are funds that are cashed out from party or empire, etc. into neteller able to be found by the U.S. government? I was under the impression that because neither Party nor Neteller is based in the U.S. the IRS couldn't see it. If this is true, is it also possible to use the Neteller Debit Card and still keep it concealed? The issue is that I'm a college student on financial aid and they will take about 80% of whatever I declare. I plan on paying the taxes after I graduate, but until then it makes it almost pointless for me to make any money. I understand there is a risk involved in this, but is it a significant risk? Can anyone enlighten me on the situation? Thanks

[Derek in NYC]

Neteller participates in cooperative efforts with the U.S. Government w/r/t tracking possible money laundering and terrorism financing transactions. Will you be singled out? Doubtful. Can you be singled out? Yes.

[PrincipalSkinner]

A very good question. It's been asked before; and, as I recall, the responses were about equally divided between yes and no.

Why not pick up the phone and call Neteller and ask them outright and then post the answer here?

[pudley4]

[ QUOTE ]
Are funds that are cashed out from party or empire, etc. into neteller able to be found by the U.S. government? I was under the impression that because neither Party nor Neteller is based in the U.S. the IRS couldn't see it. If this is true, is it also possible to use the Neteller Debit Card and still keep it concealed? The issue is that I'm a college student on financial aid and they will take about 80% of whatever I declare. I plan on paying the taxes after I graduate, but until then it makes it almost pointless for me to make any money. I understand there is a risk involved in this, but is it a significant risk? Can anyone enlighten me on the situation? Thanks

[/ QUOTE ]

If they (the IRS) accuse you of making a certain amount of money, it's up to you to prove you didn't. So I guess it doesn't really matter whether or not they can get access to your Neteller records - you'll need to provide them to prove your case.

[AcmeSalesRep]

[ QUOTE ]
Are funds that are cashed out from party or empire, etc. into neteller able to be found by the U.S. government? I was under the impression that because neither Party nor Neteller is based in the U.S. the IRS couldn't see it. If this is true, is it also possible to use the Neteller Debit Card and still keep it concealed? The issue is that I'm a college student on financial aid and they will take about 80% of whatever I declare. I plan on paying the taxes after I graduate, but until then it makes it almost pointless for me to make any money. I understand there is a risk involved in this, but is it a significant risk? Can anyone enlighten me on the situation? Thanks

[/ QUOTE ]

You have 2 choices...

1) Declare your winnings and simply lose most of them; or
2) Break the law.

Your choice.

Acme

[bonaparte]

I e-mailed Neteller this question. (Their answer is before my question) Read below:

------------
We do not report to the IRS unless it is pursuant to a subpoena, court order, or other formal request.


--------------------------------------------------------------------------------
From: Matt
Sent: Monday, April 04, 2005 7:08 PM
To: compliance@neteller.com
Subject: Reporting to USA authorities

Hello,

I have a question on NETeller accounts. Does NETeller report the banking activity of it's United States costomers to United States authorities/taxing agencies? What is the policy. Is it done only if there is a request from the United States Government, or is it not done at all?

Thank You,
Matt

[StellarWind]

[ QUOTE ]
If they (the IRS) accuse you of making a certain amount of money, it's up to you to prove you didn't. So I guess it doesn't really matter whether or not they can get access to your Neteller records - you'll need to provide them to prove your case.

[/ QUOTE ]
Half true. The burden of proof is on them if they want to put you in prison. If they just want money it's your problem.

[radek2166]

[ QUOTE ]
A very good question. It's been asked before; and, as I recall, the responses were about equally divided between yes and no.

Why not pick up the phone and call Neteller and ask them outright and then post the answer here?

[/ QUOTE ]

Post of the year!!!!