My LLC's books are in euros — how do I reconcile that with a US-dollar Form 5472, and what are sections 985-988 about?
My single-member LLC bills clients in euros and my accounting software is denominated in euros. Form 5472 obviously wants US dollars. Can I even keep my books in a foreign currency? How do I bridge to dollars on the form, and people keep mentioning 'functional currency' and section 988 foreign exchange gain. Do those apply to me?
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