What about this from f90221 that must be filed with the IRS? Is this acurate?
"Yes. I use it, but it was just brought to my attention that it fits the definition of a "foreign account" as defined by the IRS. Therefore one is required to file by June 30 each year an IRS form f90221 reporting foreign accounts containing as much as $10,000 at any time during the past year. I was unaware of this and find it a negative. I inquired about it to customer service at GoldMoney and to James Turk, the founder of the enterprise. Neither viewed it as a "foreign account." Then I called the phone number associated with that form at the IRS and was told to file the form for all years. The penalty for failure to file is a fine of up to $250,000 and a prison sentence of up to 10 years for each year of failure to file. I am disappointed that this liability to US taxpayers was not presented up front by the management of the enterprise."