The effect of foreign currency in accounting Essay

The effect of foreign currency in accounting - Essay Example It is applicable to individual persons as well as corporate entities. The disclosure procedure includes the attachment of an additional document alongside the individual’s income tax return form. Failure to disclose the proper amount or the exclusion of any particular asset from the reporting can result in stringent fines. The minimum penalty that is applicable is $10,000. After the initial penalty is charged, there is a grace period of 90 days before incremental charges start to accrue. These charges apply at a rate of $10,000 for every 30 days gone by without the proper rectification. This however is applicable after the 90 days grace period is over. Additional penalties have been declared for gross negligence amounting to 40% of the amount misrepresented or omitted without criminal intent. This is a spike of 100%, moving from 20% of the gross to 40% of the gross. A key note which is beneficial for the IRS and not so beneficial for the tax payer is that the statute of limita tions on performing audits of taxpayers has been extended two fold to 6 years. Previously, the IRS authorities only had the right to investigate the revenue generation of people and companies up to a maximum period of 3 years prior.

Describe a circumstance that led you become interested in a career in Essay

Describe a circumstance that led you become interested in a career in diagnostic imaging ( radiologic technology ) - Essay Example I am 30 years old and after I stopped going to school for many years, the experience prodded me to go back to become a radiologic technologist. I have recognized the intricate and valuable nature of work associated with this profession, especially in terms of performing the required diagnostic imaging examinations that would diagnose the accurate source of illness or abnormality. As an enthusiastic student, I have made simple research on this career path and my studies revealed that â€Å"employment is projected to grow faster than average; those with knowledge of more than one diagnostic imaging procedure will have the best employment opportunities† (Bureau of Labor Statistics (BLS), par. 1). With increased learning in more procedures, one would gain extensive expertise in this career and enable the realization of attractive financial benefits, coupled with more opportunities for advancement. The same report provided by the BLS indicated that â€Å"some technologists progres s by specializing in the occupation to become instructors or directors in radiologic technology educational programs; others take jobs as sales representatives or instructors with equipment manufacturers† (BLS, par. 26).