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
About David Treitel
American Tax Returns Ltd is a leading firm of dually US and UK qualified tax advisers which prepares both US and UK tax returns and provides sensible practical “joined-up” American and British tax advice; all for a simple fee agreed before starting. The firm is led by David Treitel, one of the best known dually US and UK qualified tax advisers in the UK who serves at committee level with both the ICAEW and the CIOT, the UKs leading professional accounting and tax bodies.
Clients include people from all walks of life where there is an American connection. The kind of people we take care of is truly diverse ranging from academics, entrepreneurs and expatriate employees to those of independent wealth as well as many who are now retired but find that tax has never quite gone away! While most of our clients are up to date, we can and do frequently handle any worries that come from being behind with tax returns.
We specialise in helping make US and UK tax easily understandable for those in the UK. Tax returns can be complicated, confusing, time-intensive and even a tiny bit scary. With over thirty years of practical experience there are simply no forms that we won’t help you to complete, no questions that we can’t answer and no tax that we can’t help you save. No wonder we are often called “the tax expert’s expert”!
Tel: 020 3542 6330
Mobile: 07411 603 220