First 4 letters of your last name, last 5 numbers of your Social Security no or ID no. (example: Flor37652)
All amounts you report on your US tax return must be in dollars. If you receive income or pay expenses in a foreign currency, you must convert the currency to US dollars using the current exchange rates. You can also use a monthly or annual average exchange rate from either the X-Rate or IRS sites.
If you give me converted foreign currency to dollars numbers, please also give me the rate that you used. If you do not convert to dollars I will convert for you for an additional fee to your tax invoice. Never use an approximation number and only round off numbers per the IRS guidelines.
The IRS has Safe Harbor Rates which they agree not to dispute, and which are generally of benefit to the taxpayer. I will compare both formulas and use the one most beneficial.
Following is the site for the IRS Safe Harbor Foreign Exchange Rates: https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates.
|Tax Return||Due Date|
|U.S. tax returns without extensions||April 15th|
|U.S. tax returns with an extension||October 15th|
|U.S. tax returns for ex-pats without extensions||June 15th|
|U.S. tax returns for ex-pats with an extension||October 15th|
|FinCEN Form 114 (FBAR)||April 15th|
|FinCEN Form 112 (FBAR) extension||October 15th|
|Partnerships and S Corporations without extension||March 15th|
|Partnerships and S Corporations with extension||September 15th|
|C Corporation without extension||April 15th|
|C Corporation with extension||October 15th|