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Foreign Exchange Rates

Mon, 14 May 2012 16:42:00 GMT

http://www.irs.gov/businesses/small/international/article/0,,id=206089,00.html

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Yearly Average Currency Exchange Rates

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Translating foreign currency into U.S. dollars

You must translate foreign currency into U.S. dollars if you receive income or pay expenses in a foreign currency. The only exception relates to some qualified business units (QBUs) which are generally allowed to use the currency of a foreign country.

Currency exchange rates

The Internal Revenue Service has no official exchange rate. Generally, it accepts any posted exchange rate that is used consistently.

When valuing currency of a foreign country that uses multiple exchange rates, use the rate that applies to your specific facts and circumstances. For example, if you have a single transaction such as the sale of a business that occurred on a single day, use the exchange rate for that day. However, if you receive income evenly throughout the tax year, you may translate the foreign currency to U.S. dollars using the yearly average currency exchange rate for the tax year.

Yearly average currency exchange rates

The table below includes yearly average exchange rates for prior years. It was revised on November 1, 2011, to reflect the typical cash exchange rates for the listed countries and years. For additional exchange rates, refer to Foreign Currency and Currency Exchange Rates.

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.

**Yearly Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars**
Country	Currency	2011	2010	2009	2008	2007	2006
Afghanistan	Afghani	48.817	48.409	53.040	50.417	52.433	50.977
Algeria	Dinar	76.525	78.471	77.110	68.437	73.405	78.183
Argentina	Peso	4.299	4.077	3.888	3.298	3.247	3.215
Australia	Dollar	1.008	1.134	1.332	1.245	1.243	1.382
Bahrain	Dinar	0.394	0.394	0.394	0.394	0.394	0.395
Brazil	Real	1.742	1.838	2.008	1.914	2.030	2.267
Canada	Dollar	1.029	1.072	1.187	1.109	1.117	1.180
Cayman Islands	Dollar	0.868	0.868	0.856	0.867	0.867	0.867
China	Yuan	6.732	7.050	7.115	7.241	7.922	8.301
Denmark	Krone	5.571	5.847	5.570	5.299	5.663	6.183
Egypt	Pound	6.211	5.908	5.825	5.715	5.950	6.050
Euro Zone	Euro	0.748	0.785	0.748	0.711	0.760	0.829
Hong Kong	Dollar	8.096	8.080	8.062	8.091	8.115	8.080
Hungary	Forint	209.338	216.583	210.463	179.603	191.379	219.263
Iceland	Krona	120.906	129.851	130.043	92.133	66.799	72.906
India	Rupee	49.124	47.774	50.804	45.567	43.011	47.132
Iraq	Dinar	1230.715	1230.020	1228.033	1262.118	1343.336	1577.263
Israel	New Shekel	3.724	3.887	4.089	3.735	4.279	4.646
Japan	Yen	82.931	91.342	97.361	107.605	122.527	122.527
Lebanon	Pound	1581.575	1579.773	1585.339	1587.847	1598.145	1604.305
Mexico	Peso	12.943	13.151	14.058	11.612	11.374	11.352
Morocco	Dirham	8.478	8.829	8.474	8.115	8.590	9.265
New Zealand	Dollar	1.316	1.444	1.663	1.482	1.416	1.605
Norway	Kroner	5.835	6.291	6.550	5.873	6.099	6.672
Qatar	Rial	3.791	3.793	3.792	3.794	3.797	3.803
Russia	Rouble	30.626	31.651	33.088	25.865	� 26.603	28.277
Saudi Arabia	Riyal	3.902	3.906	3.904	3.907	3.899	3.900
Singapore	Dollar	1.308	1.418	1.513	1.472	1.567	1.653
South Africa	Rand	7.562	7.638	8.782	8.606	7.352	7.060
South Korean	Won	1153.728	1206.268	1330.240	1146.949	972.681	1008.698
Sweden	Krona	6.755	7.498	7.958	6.857	7.030	7.674
Switzerland	Franc	0.923	1.085	1.129	1.126	1.248	1.304
Taiwan	Dollar	30.693	32.814	34.389	32.818	34.198	33.858
Thailand	Baht	31.893	33.227	35.953	34.603	33.831	39.506
Tunisia	Dinar	1.469	1.502	1.410	1.299	1.346	1.396
Turkey	New Lira	1.748	1.569	1.619	1.358	1.364	1.501
United Arab Emirates	Dirham	3.821	3.821	3.821	3.821	3.820	3.821
United Kingdom	Pound	0.649	0.673	0.667	0.567	0.520	0.565
Venezuela	Bolivar (Fuerte)	4.474	4.384	2.238	2.239	2234.842	2234.997

References/Related Topics

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NRE and NRI accounts.

Tue, 08 May 2012 00:26:00 GMT

Difference between NRE and NRI accounts A Non-Resident External (NRE) account is a bank account that�s opened by depositing foreign currency at the time of opening a bank account. What�s an NRO account? A Non-Resident Ordinary (NRO) account is the normal bank account opened by an Indian going abroad with the intention of becoming an NRI. An NRI can also open this account by sending remittances from his home country or by transferring funds from his other NRO account. It offers the same facilities as an NRE account, except that any repatriation done through this account should be reported to RBI by filling up prescribed forms. What�s the difference in the tax treatment for interest earned on an NRE and an NRO account? The interest earned on any type of NRO bank as well as the credit balances in this kind of account are taxed under the account holder�s tax bracket. On the other hand, interest earned on the NRE account is totally exempted from income tax, and the credit balances in the account don�t attract any wealth tax. Any gift given to a close relative doesn�t attract gift tax. NRE means the amount kept in rupees can be converted and repatriated back into foreign currency NRO means the amount is kept in rupees and cannot be converted or repatriated back into foreign currency NRE - Non Resident External - is a type of account, in which only "external money" that is foreign currency can be deposited. Thus, even while the account holder has an account in India, rupee can not be deposited, though it can be withdrawn. NRI is the status. NRE-Non resident external .it is repraitable account. NRO- Nonresident ordinary It is non Repraitable A/C

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Thu, 26 Apr 2012 23:54:00 GMT

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http://www.drs.state.ct.us/index.html

US tax treaties

Sun, 15 Apr 2012 19:39:00 GMT

http://www.irs.gov/pub/irs-trty/

Daycare details needed.

Fri, 06 Apr 2012 03:02:00 GMT

http://www.irs.gov/pub/irs-pdf/fw10.pdf

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1. Day care Name.

2. Tax id.

3. Addresss.

4. Amount.