You must express the amounts you report on your U.S. tax return in U.S. dollars. If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U.S. dollars. How you do this depends on your functional currency. Your functional…Read more
IRS is Hiring!
Officials at the Internal Revenue Service are looking to hire more employees to handle tax enforcement, compliance and administration of the tax code, even as more of the IRS’s older workers retire and leave the agency, particularly after the month-long government shutdown last December and January. A Series Of Top IRS Officials Made A Pitch…Read more
Top 1% Say Presidential Candidates: It’s Time to Tax Us More
Some of the nation’s most privileged heirs and entrepreneurs, who have made spectacular fortunes in real estate, finance and Silicon Valley have collectively united on the need to tax more of the richest Americans’ assets. In a letter published on June 24, 2019 on the website Medium.com calls for "A Moderate Wealth Tax On The…Read more
Virginia Tax Lobbyist Pleads Guilty to Filing a False Tax Return – REALLY?
According to DoJ, An Alexandria, Virginia, tax lobbyist pleaded guilty on June 21, 2019 to willfully filing a false tax return. According to court documents, attorney James F. Miller, 67, underreported his gross income on his 2010 through 2014 tax returns by approximately $2,215,587. Miller, a tax policy lobbyist and former employee of the…Read more