Payments in Foreign Currency

Payments in Foreign Currency. A. Occasionally, an individual receives income tendered in a monetary unit other than US dollars, usually in the form of a check or a direct deposit to a bank. B. The US dollar value of a payment made in foreign currency, less expenses, is income. 1. Foreign currency payments are counted as income when received unless the individual can establish that the payment was received too late in the month for conversion prior to the following month.