FBAR filing for 2017? Official rates out today!
Anyone filing an “FBAR” (Report of Foreign Bank and Financial Accounts - FinCEN Form 114) or IRS Form 8938 (Statement of Foreign Financial Assets) for calendar year 2017 will be delighted to know that the official exchange rates for 2017 have just been published.
These official 31 December 2017 exchange rates can be found here: https://www.fiscal.treasury.gov/fsreports/rpt/treasRptRateExch/currentRa...
As US law states that no other exchange rate is permitted, it is really helpful to have these exchange rates available so early in January.
What is an FBAR?
US persons are required to file with the US Treasury a return commonly known as an “FBAR” (or Report of Foreign Bank and Financial Accounts - FinCEN Form 114), listing all non-US bank and financial accounts. These are required if on any day of any calendar year a US person (e.g. US citizen, green card holder, corporation, charity or trust) has ownership of or signature authority over non-US bank and financial accounts where all accounts have an aggregate (total) balance greater than the equivalent of $10,000.
These are separate to and in addition to United States income tax returns. The FBAR for 2017 is technically due to be filed by Tuesday 17 April 2018. The filing date for an FBAR for 2017 is, however, automatically extended to Monday 15 October 2018. There is no requirement to request this extra time. We have been discussing this extension with the US Treasury who have agreed that the extension of time until Monday 15 October 2018 will happen through an automatic process. There is, therefore, no application form required to extend the FBAR filing date this year until midnight on 15 October 2018 (Eastern Standard Time in the United States, for anyone who needs to know this exact detail!).
If these forms were required but not filed for any of the previous six years (2011, 2012, 2013, 2014, 2015 and 2016) we recommend filing at this stage. If any FBARs filed in recent years were incomplete, we recommend filing amended FBARs.
FBAR forms are downloaded; prepared and then re-uploaded and filed, directly from this link: http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html
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