OrbitaxU.S. IRS Releases Practice Units on Foreign Currency Gain or Loss, Exchange Rates, Accounting Method Changes, and Foreign Earned Income Exclusion Adjustments
|Approved Changes|United States
The U.S. IRS has released practice units on IRC 986(c) Gain or Loss Prior to Tax Cuts and Jobs Act of 2017, Official Versus Free Market Exchange Rate, IRC 481(a) Adjustments for IRC 263A Accounting Method Changes, and Foreign Earned Income Exclusion Adjustment. The overviews of each unit are provided as follows:
Overview of IRC 986(c) Gain or Loss Prior to Tax Cuts and Jobs Act of 2017
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