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You are correct. The IRS accepts any posted exchange rate that is used consistently.
If you wish to use the end of year rate for payment you would not be allowed to average for the income.
The flexibility is really only if you receive income evenly throughout the tax year, you can translate the foreign currency to U.S. dollars using the yearly average currency exchange rate for the tax year as opposed to converting each transaction.
I agree with your CPA.
One way or the other, consistently.
No you cannot use the end of year for payments received throughout the year. You would need to average (all) or you can list all separately as the occurred.
I understand you wanting to minimize on the payment but you have to stay consistent with all things.
The payment is made at this time and if that rate benefits you then use it, but that would mean you cannot average the income.
You average or look to each date for rates as the actions happened.
No, FATCA has not been repealed or lessened in anyway. If anything the reporting rules have been increased as foreign countries, that wish to stay in good standing with the US, come into line with requirements.
The relief for US citizens remains unchanged, Double tax relief by treaty articles. The foreign tax credit offers relief still and that should continue.
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Giving up one's US citizenship can still have tax consequences depending on the income and source of that income.
An educational account is not tax deductible and an IRA is allowed and may be deductible as long as there is earned income that is not excluded under US tax law. Foreign Earned Income can be excluded from income for US purposes when the tax payer is abroad but if the same excluded income is used to fund an IRA then there is no deduction allowed for the contribution.
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Contributions are limited.
For 2014 and 2015, your total contributions to all of your IRAs cannot be more than:
You would not be allowed to contribute more than the above amount.
It is not too late for 2015. You would have til April 15th 2016 to contribute for 2015. Prior years are too late.
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