2026-02-10
Yesterday the IRS published average currency exchange rates for 2025. These average rates are used:
We also use these average rates to convert from local currency to U.S. dollars on Schedule C (Income Statement) of Form 5471.
For whatever currency you use, I would double check the average rate for reasonableness. As of today, the IRS page shows the 2024 Euro average rate of "0,924" and the 2023 Euro average rate of "0.924". I don't have a copy of what the IRS web page used to look like, but I suspect that the average Euro rate was not the exact same amount for 2023 and 2024.
The Treasury Department has also published year-end currency exchange rates for 2025. These year-end exchange rates are used:
We also use these year-end rates to convert from local currency to U.S. dollars on Schedule F (Balance Sheet) of Form 5471. For example, we use the December 31, 2024 year-end rate to convert the 2025 beginning of the year balance sheet and the December 31, 2025 year-end rate to convert the 2025 end of the year balance sheet. You can access the year-end exchange rates from our exchange rates page.