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Personal Tax – RMS Accounting
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Important Crypto & Virtual Currency Update

𝐓𝐡𝐞 𝐈𝐑𝐒 𝐡𝐚𝐬 𝐦𝐨𝐯𝐞𝐝 𝐭𝐡𝐞 𝐯𝐢𝐫𝐭𝐮𝐚𝐥 𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧 from Schedule 1 of the 2019 Form 1040 to the first page of the 2020 Form 1040 and Form 1040-SR. The question asks, “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial...

Resident Aliens vs Non-Resident Aliens

𝗗𝗶𝗱 𝘆𝗼𝘂 𝗸𝗻𝗼𝘄 𝘁𝗵𝗮𝘁 𝘆𝗼𝘂 𝗱𝗼𝗻’𝘁 𝗵𝗮𝘃𝗲 𝘁𝗼 𝗯𝗲 𝗮 𝗹𝗲𝗴𝗮𝗹 𝗿𝗲𝘀𝗶𝗱𝗲𝗻𝘁 𝗼𝗳 𝘁𝗵𝗲 𝗨.𝗦. 𝘁𝗼 𝗯𝗲 𝗮 𝘁𝗮𝘅 𝗿𝗲𝘀𝗶𝗱𝗲𝗻𝘁 𝗮𝗻𝗱 𝗵𝗮𝘃𝗲 𝗮𝗻 𝗼𝗯𝗹𝗶𝗴𝗮𝘁𝗶𝗼𝗻 𝘁𝗼 𝗳𝗶𝗹𝗲 𝗮 𝗨.𝗦. 𝘁𝗮𝘅 𝗿𝗲𝘁𝘂𝗿𝗻? Non-U.S. citizens that live in the U.S. as residents are required to file U.S. income tax return and pay tax on their worldwide...