A Note from the IRS – Exchange Rates and Tax Information
You must report all income in U.S. dollar equivalents. The Internal Revenue Service (IRS) has no official exchange rate. Any posted exchange rate that is used consistently is acceptable.
Unofficial 2009 US/UK Currency exchange rates are available here as a pdf.
Unofficial 2009 Currency exchange rates for several other currencies are also available as a pdf.
More information [...]
From the White House: Making It Easier for Americans to Support Haiti
From the White House Blog: http://www.whitehouse.gov/blog/2010/01/22/making-it-easier-americans-support-haiti
In the days since the earthquake in Haiti, Americans have shown their generosity with millions of dollars in donations. Tonight, President Obama signed a bill into law that makes it easier to give. This legislation will allow taxpayers to receive the tax benefit from donations made to the Haiti [...]
Unofficial Exchange Rates for 2009
You must report all income in U.S. dollar equivalents. The Internal Revenue Service (IRS) has no official exchange rate. Any posted exchange rate that is used consistently is acceptable. For additional exchange rates, check the U.S. treasury website at http://fms.treas.gov/intn.html#rates. Taxpayers generally use the yearly average exchange rate to [...]
YouTube: Tips from the IRS – Watch Out for Tax Scams
Here’s a Tip from the Internal Revenue Service (IRS). The IRS will never send you an unexpected email about your taxes or a refund. If you get one, there’s one thing you can count on. It’s a scam. Everyday, crooks come up with new ways to steal your identity and other personal information. Scammers may [...]
Warning: New IRS Phishing Scheme!
21 October 2009
There is new phishing scheme that professes to be from the IRS Office in London. The sender states that he is an IRS employee and asks you to pay a transfer charge or processing fee in order to obtain a substantial sum of money. Do not reply to this attempt to gain your [...]
America Has A New Leading Lady
There’s a new leading lady topping the A-list. Her name is Emma.
Among all girls born in the United States last year, Emma was the most popular name. Isabella was second. Emily, which had been the most popular girl’s name for 12 years, was third.
The top boy’s name is Jacob for the 10th year in a [...]
New “IRS” E-mail Scam Circulating
In recent weeks, a phony e-mail claiming to come from the IRS has been circulating in large numbers. The subject line of the e-mail often states that the e-mail is a notice of underreported income. The e-mail may contain an attachment or a link to a bogus Web page directing taxpayers to their “tax statement.” [...]
U.S. Citizenship – Rights and Responsibilities
There are many people in the United Kingdom who posses U.S. citizenship but may have never lived in the United States before. American citizenship comes with certain rights and responsibilities that every citizen should be aware of. As a U.S. citizen abroad, you should be aware that certain responsibilities are requirements of all U.S. citizens, [...]
What Is The Foreign Earned Income (FEI) Exclusion?
Q: What is the foreign earned income (FEI) exclusion?
A: Central to the tax rules for certain filers of US tax returns who live and work abroad is the ability to exclude up to $85,700 of earned income annually. Earned income that may be excluded means wages, salaries, professional fees, and other compensation received for personal [...]
Foreign Bank Accounts
The public may be unaware of their obligation to report their foreign bank accounts to the Department of the Treasury. Recent news events have highlighted foreign bank account reporting. While there are many legitimate reasons to own foreign financial accounts, there are also responsibilities that go along with owning such accounts. Foreign [...]
