Tax Pro Plus
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Suite 204
Los Angeles, CA 90064
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Use Whole Dollar Amounts for Taxes
Many clients tend to include pennies when recording their tax data. This is sometimes troublesome because tax organizer fields are not designed to accommodate pennies. The reason for this is that tax forms also do not accommodate pennies. IRS regulations allow taxpayers to round up or down to the nearest dollar. The following example of rounding is provided in the IRS regulations:
Rounding applies to both individual and business tax data.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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