Quote:
In many cases, the minimum civil penalty for not disclosing an offshore bank account or offshore credit card can be $25,000 or the greatest of 50% of the balance in the account at the time of the violation or $100,000. The criminal penalty for willful failure to file a FBAR is a fine of not greater than $250,000 and/or imprisonment for not more than five years. Note that these penalties can be imposed for each year.
Thanks Dom for the article, so that leads us to a question about Neteller, Eco and the likes, and what about my Visa used to get my payments from mainstreet affiliates? I do not hold any cash in these accounts and claim it all when it hits my bank.. interesting thoughts now though.