The IRS Streamlined Foreign Offshore Procedures could be your ticket to bring your US tax status up-to-date.
Applicants must meet specific requirements to have their tax returns accepted through the program. Generally, three years of overdue tax returns and associated documents are presented to the IRS, while six years’ worth of FBARs must be submitted.
According to the directives, individuals must certify that their failure to disclose all income, pay necessary taxes and submit the appropriate documentation, including FBARs, was non-wilful. Non-wilful conduct involves negligence, inattentiveness or inadvertence stemming from a misunderstanding of the relevant legal regulations done in good faith.
Individuals that meet the criteria to utilise Streamlined Foreign Offshore Procedures and adhere to all applicable instructions will have immunity from failure-to-file and failure-to-pay charges, accuracy-related fines, information return fees, or FBAR sanctions.
To submit tax returns via the IRS Streamlined Foreign Offshore Procedures, individuals must include Form 14653 Certification by U.S. Person Residing Outside of the U.S., which necessitates a statement detailing why all income, taxes, and other necessary information returns were not reported and submitted beforehand.
We often help individuals who have not filed any tax returns or have been filing the wrong ones. Get in touch with us to find out more.