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The Internal Revenue Service is already working on their next Service project and that is monitoring transactions of the Iraqi Dinar. The Iraqi Dinar is the basic unit of money in Iraq.
The IRS really does not want this to become the next UBS, which is headquartered in Zurich and Basel, Switzerland. The Internal Revenue Service will be watching all International Investments much closer in the near future as new IRS task forces have been set up to both monitor and enforce the United States Tax Laws regarding these International Transactions.
So, what are the United States Tax issues relating to buying and selling Iraqi Dinar(s)?
As of 2010, the Dinar Banker is not required to report any information at all to the United States Treasury Department in regards to individual domestic United States sales or purchases of Iraqi Dinar as long as the transactions are “not cash” for cash transactions.
In a nutshell, if you have a certain amount of profits from these transactions which involve the Iraqi Dinar, you will be required to pay the United States Taxes on the change in value of your Iraqi Dinar(s) purchase(s).
The IRS is currently working on putting monitoring procedures in effect. The amount of taxes that the taxpayer will pay is dependent on the taxpayer’s own individual tax rate and the length of time they have held the Iraqi Dinar. This is normal for all transactions of this kind.
Check and wire purchases of sales within the United States are not reported. For international transactions over $10,000, the Dinar Banker must report the transaction on a Fin Cen 105. For more information on this, go ahead and take a look at the following website: http://www.fincen.gov/forms/bsa_forms/ It will give you more information on such types of transactions and also show you the list of forms that are available.
As a United States taxpayer, make sure you pay close attention. The IRS is setting up more task forces, so be sure you file an accurate tax return. If not, the tax penalties and interest will be stiff which will only add to your tax debt.
You should look to hire a professional tax firm in the accounting and taxation of your transaction. Always hire those with former IRS experience. A good accounting firm should be current with all IRS rules and regulations.