Reporting off-shore financial accounts

[Izverg04]

Does anyone file Department of Treasury form TD F 90-22.1?

http://www.irs.gov/pub/irs-pdf/f9022-1.pdf

" Who Must File this Report Each Unites 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."

Seems that NETeller account at least would certainly qualify as a financial account in a foreign country, and probably gaming accounts as well.

[thwang99]

Hmmmmm, interesting. Didn't know about this, thx! Man there's just so many rules and laws you have to know about if you play poker in the US.

[LoveNh8]

most of us can just xfer back funds to our regular accounts
(and pay our taxes on them!)
before we hit 10K at Neteller i think

of course if you make big bank,
you won't be able to swing it,
but i doubt the IRS will mind as long as you give Caesar his due.

[Izverg04]

[ QUOTE ]

but i doubt the IRS will mind as long as you give Caesar his due.

[/ QUOTE ]

Maybe they will, and maybe they won't.

"Disclosure of this information is mandatory. Civil and criminal penalties, including in certain circumstances a fine of not more than $500,000 and imprisonment of not more than five years, are provided for failure to file a report, supply information, and for filing a false or fraudulent report"

[Thythe]

[ QUOTE ]
[ QUOTE ]

but i doubt the IRS will mind as long as you give Caesar his due.

[/ QUOTE ]

Maybe they will, and maybe they won't.

"Disclosure of this information is mandatory. Civil and criminal penalties, including in certain circumstances a fine of not more than $500,000 and imprisonment of not more than five years, are provided for failure to file a report, supply information, and for filing a false or fraudulent report"

[/ QUOTE ]

At least it's not more than 500,000 and not more than 5 years in prison. Do you think they'd let you have a computer to continue generating profits in prison?