The Internal Revenue Service is often unable to process tax payments made in foreign currencies on a timely basis or at favorable exchange rates, according to a new government report.
The report, from the Treasury Inspector General for Tax Administration, noted the IRS requires taxpayers to pay their U.S. taxes in U.S. dollars, but some taxpayers nonetheless still send foreign currency payments because they are either unable or unwilling to convert their payments to U.S. dollars. Foreign currency payments that are not processed on a timely basis or are processed at lower exchange rates can cause undue burden on taxpayers and additional work for the IRS, the report noted.
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