FBAR Deadline April 17, 2018

On the matter of filing the FBAR, the U.S. Treasury’s Financial Management Services provides the exchange rates for you to use when converting foreign account balances for reporting on form 114. In too many instances, individuals us the internet for conversion rates or the IRS conversion rates, so be sure to go onto the Treasury’s website listed below.

Also, there has been an inclusion of other financial instruments to be reported on form 114, which is now labeled “Foreign Bank and Financial Account Reports” a change from the long-standing “Foreign Bank Account Report”. You may want to note that a reportable financial account now includes, but is not limited to, a securities, brokerage, savings, demand, checking, deposit, time deposit, or other account maintained with a financial institution (or other person performing the services of a financial institution). A financial account also includes a commodity futures or options account, an insurance policy with a cash value (such as a whole life insurance policy), an annuity policy with a cash value, and shares in a mutual fund or similar pooled fund (i.e., a fund that is available to the general public with a regular net asset value determination and regular redemptions). I hope this helps with your 2017 filing of form 114 and any reconsideration for an amended filing for 2016.

Attached in the conversion rate to use on Financial instruments which differs from the IRS rates for currency in foreign bank accounts.

Sign up today for our timely newsletter