Beraider

Does anyone know when US Treasury Fiscal Service publishes the year end exchange rates? I was hoping to get a jump on my Fbar filing and have one less thing to worry about.

MidAtlantic

I don't think there is any set date but it tends to be around January 14. However, the Government shut-down might affect it this year,

Beraider

Thanks, I'll be sure to come back and post when it's available.

durham_lad

Cook_County

Federal law requires that an FBAR uses the official US Treasury rates for 31 December. No other exchange rates are permitted. In a typical year, this rate is published mid-January.

However, because of the current shutdown, it is expected there will be some delay in publishing these rates. The deadline for filing the FBAR for 2018 is 15 October 2019 and no-one is yet predicting a shutdown quite so long in the future…

lansbury

Cook_County

I concur. The news section on the IRS website stopped updating the day before the shutdown, I suspect no other IRS webpages have been updated since either.

Beraider

Bureau of the Fiscal Service states that the year end report of exchange rates will not be available until after the partial government shutdown has ended.

So not only can one not file an FBAR, one cannot file 2018 taxes because the exchange rate is required for Form 8938

durham_lad

Thanks for the update. We don't have file forms 8938 but do use the IRS average rate to convert £s to $s for our UK pensions and bank interest. Hopefully it will be fixed by June 15.

NoOfficialComment

Hmmm - For taxes I could just have my accountant use the exchange rate figure at the time of each individual transaction...but that would be a major PITA. Still doesn't solve the FBAR part though.

I don't expect it to be an issue when I actually come to file - long way to go yet.

Hotscot

You can file and then amend if desired.

MidAtlantic

The December 31, 2018 rates are now published.

https://www.fiscal.treasury.gov/repo...e/current.html

The IRS Yearly Average rate is still not available.

Beraider

Thanks for letting us know.

durham_lad

lansbury

Thanks MidAtlantic