The IRS Average Exchange Rates for 2024 FBAR (2025 Filing)

2024/2025 IRS Average Yearly Foreign Currency Exchange Rates

2024 IRS Foreign Currency Average Annual Exchange Rates: Each year, the IRS publishes its annual average exchange rates for taxpayers to use when converting or translating foreign income into USD.

Yearly average currency exchange rates

For additional exchange rates not listed below, refer to the governmental and external resources listed on the Foreign Currency and Currency Exchange Rates page or any other posted exchange rate (that is used consistently).  To convert from foreign currency to U.S. dollars, divide the foreign currency amount by the applicable yearly average exchange rate in the table below. To convert from U.S. dollars to foreign currency, multiply the U.S. dollar amount by the applicable yearly average exchange rate in the table below.

2024 IRS Foreign Income Exchange Table

Beware of Fear-Mongering, Free Consultations & False Claims of Being ‘Board-Certified’

Several times each month, our international tax law specialist team is contacted by Taxpayers who were fear-mongered into believing that they would be going to prison or even deported for failing to report their foreign income or assets. They are oftentimes also misled by the attorney they were speaking to that the attorney was a Board-Certified Tax Law Specialist when they are not. Here are a few tips:

1. 1. 1. Make sure your antenna is up when speaking on a ‘free offshore disclosure consultation’ because these attorneys will oftentimes claim to be ‘experts’ and employ fear-mongering tactics designed to unnecessarily scare Taxpayers with examples that have no relation to the caller’s  facts and circumstances.

      2. Just because the attorney claims to be board-certified, does not make it so. Some unethical attorneys falsely claim to be board certified as a tax law specialist. If the attorney claims to be a Board-Certified Tax Attorney, ask them which state they are certified in so you can confirm. Any attorney who is board-certified, even if all they practice is federal law, must be Board-Certified by at least one State Bar association. Also, just having a CPA on staff does not make a firm  a ‘Board-Certified Tax Lawyer Specialist.’

Late Filing Penalties May be Reduced or Avoided

For Taxpayers who did not timely file their FBAR and/or other international information-related reporting forms, the IRS has developed many different offshore amnesty programs to assist Taxpayers with safely getting into compliance. These programs may reduce or even eliminate international reporting penalties.

Current Year vs. Prior Year Non-Compliance

Once a Taxpayer missed the tax and reporting (such as FBAR and FATCA) requirements for prior years, they will want to be careful before submitting their information to the IRS in the current year. That is because they may risk making a quiet disclosure if they just begin filing forward in the current year and/or mass filing previous year forms without doing so under one of the approved IRS offshore submission procedures. Before filing prior untimely foreign reporting forms, Taxpayers should consider speaking with a Board-Certified Tax Law Specialist who specializes exclusively in these types of offshore disclosure matters.

Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)

In recent years, the IRS has increased the level of scrutiny for certain streamlined procedure submissions. When a person is non-willful, they have an excellent chance of making a successful submission to Streamlined Procedures. If they are willful, they would submit to the IRS Voluntary Disclosure Program instead. But, if a willful Taxpayer submits an intentionally false narrative under the Streamlined Procedures (and gets caught), they may become subject to significant fines and penalties. 

Need Help Finding an Experienced Offshore Tax Attorney?

When it comes to hiring an experienced international tax attorney to represent you for unreported foreign and offshore account reporting, it can become overwhelming for Taxpayers trying to trek through all the false information and nonsense they will find in their online research. There are only a handful of attorneys worldwide who are Board-Certified Tax Specialists and who specialize exclusively in offshore disclosure and international tax amnesty reporting.  *This resource may help Taxpayers seeking to hire offshore tax counsel: How to Hire an Offshore Disclosure Lawyer.

Golding & Golding: About Our International Tax Law Firm

Golding & Golding specializes exclusively in international tax, specifically IRS offshore disclosure.

Contact our firm today for assistance.