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The IRS Average Exchange Rates for 2022 FBAR
When a US person has foreign accounts, they have to exchange or ‘convert’ the foreign currency into USD. With FBAR and most other foreign reporting, the Department of Treasury Exchange rates are preferred (as evidenced by language directly on Form 8938) but Taxpayers are not required to use the DOT rates. Rather, they can also use the IRS Average Exchange Rate too if they prefer.
The IRS Average Exchange Rates for 2017-2022 are as follows:
Country | Currency | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
---|---|---|---|---|---|---|---|
Afghanistan | Afghani | 90.084 | 83.484 | 76.651 | 77.579 | 73.598 | 71.086 |
Algeria | Dinar | 142.123 | 135.011 | 126.741 | 119.402 | 117.409 | 115.876 |
Argentina | Peso | 130.792 | 95.098 | 70.635 | 48.192 | 28.167 | 17.227 |
Australia | Dollar | 1.442 | 1.332 | 1.452 | 1.439 | 1.340 | 1.358 |
Bahrain | Dinar | 0.377 | 0.377 | 0.377 | 0.377 | 0.395 | 0.395 |
Brazil | Real | 5.165 | 5.395 | 5.151 | 3.946 | 3.655 | 3.322 |
Canada | Dollar | 1.301 | 1.254 | 1.341 | 1.327 | 1.297 | 1.350 |
Cayman Islands | Dollar | 0.833 | 0.833 | 0.833 | 0.833 | 0.833 | 0.884 |
China | Yuan | 6.730 | 6.452 | 6.900 | 6.910 | 6.620 | 7.030 |
Denmark | Krone | 7.077 | 6.290 | 6.538 | 6.670 | 6.319 | 6.864 |
Egypt | Pound | 19.208 | 15.697 | 15.813 | 16.809 | 17.809 | 18.586 |
Euro Zone | Euro | 0.951 | 0.846 | 0.877 | 0.893 | 0.848 | 0.923 |
Hong Kong | Dollar | 7.831 | 7.773 | 7.756 | 7.835 | 7.838 | 8.105 |
Hungary | Forint | 372.775 | 303.292 | 307.766 | 290.707 | 270.441 | 285.583 |
Iceland | Krona | 135.296 | 126.986 | 135.354 | 122.571 | 116.379 | 111.231 |
India | Rupee | 78.598 | 73.936 | 74.102 | 70.394 | 68.422 | 67.809 |
Iraq | Dinar | 1459.751 | 1460.133 | 1197.497 | 1191.254 | 1193.478 | 1241.677 |
Israel | New Shekel | 3.361 | 3.232 | 3.438 | 3.563 | 3.596 | 3.746 |
Japan | Yen | 131.454 | 109.817 | 106.725 | 109.008 | 110.424 | 116.667 |
Lebanon | Pound | 1515.669 | 1519.228 | 1510.677 | 1510.290 | 1511.677 | 1593.969 |
Mexico | Peso | 20.110 | 20.284 | 21.466 | 19.246 | 19.227 | 19.679 |
Morocco | Dirham | 10.275 | 8.995 | 9.495 | 9.614 | 9.389 | 10.230 |
New Zealand | Dollar | 1.578 | 1.415 | 1.540 | 1.518 | 1.447 | 1.465 |
Norway | Kroner | 9.619 | 8.598 | 9.413 | 8.802 | 8.143 | 8.606 |
Qatar | Rial | 3.644 | 3.644 | 3.641 | 3.641 | 3.642 | 3.850 |
Russia | Ruble | 69.896 | 73.686 | 72.299 | 64.687 | 62.845 | 60.692 |
Saudi Arabia | Riyal | 3.755 | 3.751 | 3.753 | 3.751 | 3.753 | 3.903 |
Singapore | Dollar | 1.379 | 1.344 | 1.379 | 1.364 | 1.349 | 1.437 |
South Africa | Rand | 16.377 | 14.789 | 16.458 | 14.448 | 13.258 | 13.859 |
South Korean | Won | 1291.729 | 1144.883 | 1179.199 | 1165.697 | 1100.587 | 1178.585 |
Sweden | Krona | 10.122 | 8.584 | 9.205 | 9.457 | 8.703 | 8.894 |
Switzerland | Franc | 0.955 | 0.914 | 0.939 | 0.994 | 0.979 | 1.024 |
Taiwan | Dollar | 29.813 | 27.932 | 29.460 | 30.898 | 30.152 | 31.683 |
Thailand | Baht | 35.044 | 31.997 | 31.271 | 31.032 | 32.317 | 35.372 |
Tunisia | Dinar | 3.082 | 2.778 | 2.836 | 2.925 | 2.71 | 2.513 |
Turkey | New Lira | 16.572 | 8.904 | 7.025 | 5.685 | 4.849 | 3.794 |
United Arab Emirates | Dirham | 3.673 | 3.673 | 3.673 | 3.673 | 3.673 | 3.821 |
United Kingdom | Pound | 0.811 | 0.727 | 0.779 | 0.784 | 0.750 | 0.808 |
Venezuela | Bolivar (Fuerte) |
Not Available | 2722.757 | 236266.507 | 248486.041 | 131352.21 | 10.452 |
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 that 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.
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.