Found another interesting little post on GFY today and this one is rather disturbing, especially considering the fact that it is tax time here in the US. I never really thought about Paypal or EPass when doing my taxes but holy fuck, what this guy says is right.
Many adult webmasters love to use ePass but did you know they are or could be considered a foreign bank?
ePassporte is headquartered in St. Kitts, part of the Federation of Saint Kitts and Nevis, the smallest independent nation in the Caribbean. So if you have an account at ePassporte it is a foreign bank account. If you’re a US citizen and your high balances in any foreign bank accounts when added together add up to $10,000 or more, you must file Form TD F 90-22.1 and check the box on Schedule B. If you willfully don’t file Form TD F 90-22.1 the minimum fine is $100,000.
So if you have foreign bank accounts and meet the threshold of reporting make sure you comply.
*** Correction,they are registered in Curracao, while only bank account is in St. Nevis, which either way still makes them a foreign bank.