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Yearly Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
To convert from foreign currency to U.S. dollars, divide the foreign currency amount by the applicable yearly average exchange rate in the table below. To convert from U.S. dollars to foreign currency, multiply the U.S. dollar amount by the applicable yearly average exchange rate in the table below. Country Currency 2018 Afghanistan Afghani 73.598 Algeria…
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Tax Relief for Iowa and Nebraska Disaster Victims
Victims of severe winter storms, straight-line winds and flooding that occurred in parts of Nebraska on March 9 and parts of Iowa on March 12 may be eligible for tax relief from the IRS. Visit the IRS disaster relief page for updates on tax relief for disaster victims.
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Need more time?
For taxpayers who need more time to prepare their taxes, we can apply for an automatic extension of time to file. Remember that an extension of time to file a return is not an extension of time to pay taxes owed.
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Revenue Ruling 2019-11
Revenue Ruling 2019-11 provides guidance to taxpayers regarding the inclusion in income of recovered state and local taxes in the current year when the taxpayer deducted state and local taxes paid in a prior year, subject to the section 164(b)(6) limitation. Revenue Ruling 2019-11 will be in IRB-2019-17, dated April 22, 2019.
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With new SALT limit, IRS explains tax treatment of state and local tax refunds
WASHINGTON — The Internal Revenue Service today clarified the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax (SALT) deduction is in effect. In Revenue Ruling 2019-11, posted today on IRS.gov, the IRS provided four examples illustrating how the long-standing tax…
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With two weeks to go, we have prepared and filed 1,568 tax returns.
We are on schedule to meet our annual goal of 2,000 returns in the ten week season. Telephone Traffic Last Week – 764 Calls (329 in and 425 out)
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Tomorrow is April 1st!
Everyone please remember my rule of NO APRIL FOOL jokes or pranks. We all have been working very hard and long hours and we are about to reach our finish line for another successful tax season. Greg
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Is your activity a business or a hobby?
If you do not carry on your business or investment activity to make a profit, you cannot use a loss from the activity to offset other income. Activities you do as a hobby, or mainly for sport or recreation, are often not entered into for profit. The limit on not-for-profit losses applies to individuals, partnerships,…
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Payroll Tax Deposit Due Dates
In general, you must deposit federal income tax withheld and both the employer and employee social security and Medicare taxes. There are two deposit schedules, monthly and semi-weekly. Before the beginning of each calendar year, you must determine which of the two deposit schedules you are required to use. The deposit schedule you must use…
