If you’ve been hiding income in a tax haven country and using a credit card to access the funds you could be in big trouble. The Internal Revenue Service is reviewing hundreds of thousands of such accounts and may be sending some tax cheats to jail. The IRS confirmed this week it has already received account records on nearly 250,000 MasterCard accounts issued by banks in tax haven countries. The IRS is also forcing American Express to turn on similar accounts and has gone to court this week to request VISA account records. While it is not illegal to use a credit card issued by a bank located in an offshore tax haven, some U.S. residents have been using such accounts to hide income. The IRS says it believes up to two million tax payers have set up phony corporations to open a bank account in an offshore tax haven. Using a credit or debit card linked to the account to make purchases in the USA, the tax payer funds the account with unreported income. The IRS is targeting credit card accounts issued to U.S. residents by banks in the Cayman Islands, Bahamas, Antigua, Barbuda, and 26 other countries.