The Nation Newspaper

Reps seek automation of foreign revenue collection at Nigeria’s missions

The House of Representatives Committee on Public Accounts on Tuesday, July 30 asked the Federal Ministry of Finance and the Office of the Accountant General of the Federation to immediately commence ...
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Foreign transaction fees vs. currency conversion fees: What are the differences?

Review your credit card fee policies before traveling outside the U.S. to avoid surprise costs. If needed, apply for a credit card without travel-related surcharges and fees. To avoid high conversion ...
JD Supra

Taxation of Foreign Currency Transactions Part I: Definitions and Rules for Taxing Foreign Currencies

Navigating the federal taxation of foreign currency can be compared to trying to cross a perilous sea. Both involve unexpected rough patches, serious difficulties, and frustrating complexity. In this ...
JD Supra

Taxation of Foreign Currency Transactions Part II: Gains, Losses, Personal Transactions, and Electing Out of Section 988

Are all foreign currency gains taxable? No. Under a de minimis exemption individual taxpayers with foreign currency gains of $200 or less on a “personal transaction” do not need to report them. How ...