Exchange rates for back taxes.

Okay I haven't filed U.S. taxes since I have lived here. I have been here for 6 years. I don't owe anything but I want to catch up with filing the tax forms since I have lived here. Where can I go to find the official exchange rates for years 2004-2009. Appreciate any help you can give me. Thanks.

Kitty 101

The IRS has no official rate.  Here is a link to the unofficial rates.  There is also a link on that page to a PDF with the rates from 2003 to 2009.

http://london.usembassy.gov/irs/irsxchng.htm

You need to be aware that some of the provisions of the HIRE Act became effective on March 17, the date signed by the President.  You may therefore owe automatic penalties for failure to file information returns even if you owe zero income tax on the income tax returns.  It will be interesting to see how the Service will adminster the new law.

You need to be aware that some of the provisions of the HIRE Act became effective on March 17, the date signed by the President.  You may therefore owe automatic penalties for failure to file information returns even if you owe zero income tax on the income tax returns.  It will be interesting to see how the Service will adminster the new law.

I apologise for hijacking this thread, but what I haven't seen is any clarification of Title V of HIRE on Elimination of duplicate reporting requirements on foreign accounts. It would appear that the QIs are relieved of additional 'United States person' account reporting, with more of an incentive not to close all of our bank accounts, and with their "reasonable request" (quotes from HR2847) FBARs are deemed the primary source of reporting. Anyone have any clarification?

According to this site http://dpc.senate.gov/docs/lb-111-2-21.pdf, Title V was designed to give the government access to people who are stuffing money in offshore accounts to avoid paying taxes on it and not for people who are just making a living in a foreign country because that is where they live. I certainly don't make £50,000 a year and have  loads any stuffed away somewhere.   A summary of the act can be found at this  the below site.
  http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HR02847:@@@D&summ2=m& 

 If I am mistaken someone please correct me but this is how I understand it.

Kitty101

Title V was designed to give the government access to people who are stuffing money in offshore accounts to avoid paying taxes on it and not for people who are just making a living in a foreign country because that is where they live. I certainly don't make £50,000 a year and have  loads any stuffed away somewhere.

Just a thought: there may be people perusing these posts who do have a total of $50,000 in 'aggregate accounts' in one institution, and it might affect them.

Yes, your right OAP.  This site is about getting the right information out there so it helps all the people who are adjusting to life in another country. Most of us want to get things done right so we don't suffer fall out from it. Knowledge is power. Some people "could" make that kind of money and enought to have a big savings and be affected by the Hire Act. Thanks for reminding me of that.

Guess I was just a bit upset to think that the United States could try to make money off americans who have moved to another country to marry and have the same kind of problems that americans still living in America do. The recession has affected us all.

I went back and read the latest on the American Embassy site to see if anything relating to taxes and reporting back taxes, where one owes nothing, had changed due to the Hire Act being passed. The information there has not changed  so I am gonna go ahead and file my back taxes and be done with it. From everything I have read about this act I don't feel I will be affected by it. Hope I am right.

I am gonna go ahead and file my back taxes and be done with it. From everything I have read about this act I don't feel I will be affected by it. Hope I am right.

Honestly, we all hope your right as well!

Okay I still haven't sent off my back taxes though I have completed all of them. I want to know where you guys got your information on penalties even if you don't owe anything. I have searched and searched the web and have not been able to find this information.

Hey - you said you owe zero income taxes so why would you expect penalties?

You could still have penalties for 5471s, FBARs, 8621s (probably not), 3520s, 3520As etc but you don't say that any of these are relevant so why would think about anything so dismal as penalties?