Re: foreign account reporting due July 2
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I contacted the IRS/Treasury Department Foreign bank directly and confirmed with them that e-wallets such as Neteller are reportable foreign accounts for U.S. foreign bank account reporting (due July 2, 2007.)
While I was at it I asked about monies at online gambling sites such as PartyPoker. This was their reply:
"As for a response on the Party Poker account, it may be harder to determine if it is reportable. If it is just a transfer service account it is not considered reportable."
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It would seem that Neteller is more of a "transfer service" than a poker site.
How firmly has it been established that Neteller is a "Financial Institution" subject to the reqirements of FBAR?
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