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If you make $500 from a foreign country - you are probably right. No one is going to know.
However, if you are making real money - your chances of getting audited go up. How are you going to explain these deposits?
It is illegal - just because you probably will get away with it does not make it legal. Just because you don't get a 1099 doesn't mean you don't have to report it. You think 7-11s don't have to report their slurpy sales just because their customers don't 1099 them?
You might get away with it one year, even two, even forever. If you get caught - the IRS will go back through all your past returns and make you wish you had paid. Feel free to take the risk, but others will want to follow the law.
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