FTP checks are not coming on time -- Why?

[PokeReader]

One thing I can say after much research is that there is no "70 days" that has anything to do with stopping checks. There is a 3 day verbal deadline, a 14 day deadline for the banks to have manually stopped the check if proper information is given, and a six months deadline when the stop runs out if not renewed. But nothing having to do with 70 days.

Thank you FT for having me knee deep in Fed speak and techno-bank. I think the processor is scared about smurfing and Schedule B (Foreign bank accounts) issues.

There is a really nightmarish scenario the Feds could pursue. The Feds consider a foreign bank account to include anything like Paypal or Neteller, (regardless of whether they are on foreign soil), and any casino with gross revenue of over a million dollars a year. If you are an American and have 10K or more in any of these sources at any point, you are required to file a Form TD F 90-22.1, and check Schedule B on your 1040. If you do, you are 100% guarunteed to be audited the first year. What are the penalties for not reporting a foreign bank account? If you're found to be willfully not reporting the account, it's the greater of $100,000 or 50% of the value of the account, plus possible criminal penalties. If it's not willful, the maximum fine is $10,000. Between Neteller records, and the records they may get from Party, they could really seriously wound online poker between that and the tax evasion issues.

http://www.taxabletalk.com/gambling/
http://www.taxabletalk.com/posts/1175053154.shtml
http://www.taxabletalk.com/posts/1170966022.shtml
http://www.gambling-law-us.com/Artic...nline_Gambling,_Part_I