The timing of the conversion depends on your functional currency. However, if your functional currency is not the U.S. dollar, you'll make all income tax determinations in your functional currency throughout the year. XE.com offers a live currency exchange rate converter which has been identified as an external resource by the Internal Revenue Service (IRS). (Don't forget: Crypto and digital currency are not considered currency for federal income tax purposes.) For your taxes from A to Z, here's the rest of the series:For the 2018 tax brackets and other numbers, check out this post.

Source: Forbes April 12, 2018 01:26 UTC