Managing Director, American Tax Returns Ltd American Tax Returns Ltd
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US Treasury Official FBAR Exchange Rates for 2014 published today

14th Jan 2015
Managing Director, American Tax Returns Ltd American Tax Returns Ltd
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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 2014 will be delighted to know that the official exchange rate for 2014 have been published.

These official 31 December 2014 exchange rates can be found here: http://www.fiscal.treasury.gov/fsreports/rpt/treasRptRateExch/currentRates.htm

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?

Separate from United States income tax returns, many 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; known as FinCEN Form 114), listing all non-US bank and financial accounts. These forms are required if on any day of any calendar year an individual has ownership of or signature authority over non-US bank and financial accounts with an aggregate (total) balance greater than the equivalent of $10,000.

These are separate to and in addition to United States income tax returns and are due to be filed by 30 June each year in relation to the previous calendar year. This date cannot be extended.  The 2014 FBAR is due to be filed by 30 June 2015.

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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