In 2016 on Form 114 and 8938 - and possibly a few previous years, I (my tax guy) used the Bank of Canada exchange rate for Form 114 and 8938 but the instructions say to use the Treasury department's year end rate for 114. I report 5 accounts 2 RRSPs, joint banking accounts, own bank account
If I change to the Treasury depth reporting method do you think this will cause any problems for me or that I will need to amend my previous submissions? I read on a website the IRS will not allow changing rates and sources in each year to obtain the most advantageous exchange rate - I just want to change it to be compliant going forward.
Changing exchange rate reporting on FinCen 114, and 8938
Moderator: Mark T Serbinski CA CPA
The instructions should be followed. You are not calculating tax with this.
Do the correct thing going forward.
Why would it caise "problems"? Treasury just wants a yearly report.
Do the correct thing going forward.
Why would it caise "problems"? Treasury just wants a yearly report.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best