A program that saves you from six figure penalties and legal issues 🚔🚨

Hi,

An unreported foreign bank account carries a penalty of more than $16,000 per account, per year, a missed Form 5471 or 3520 adds $10,000 apiece. Across six years and a couple of accounts, that’s six figures of exposure before anyone accuses you of doing it on purpose and this rarely stays quiet. 

There is one program that avoids nearly all of it, and most people who need it have never heard of it. It’s called IRS Streamlined Domestic Offshore Procedures (SDOP).

If any of these describe you, there’s a good chance you have something unreported:

• Moved to the US and left a bank account, pension, or property in your home country
• Inherited money or property from a relative abroad
• Hold foreign mutual funds, which the IRS treats as PFICs with their own reporting form
• Own any share of a company registered outside the US
• Had a tax preparer who never asked you about foreign accounts, so you assumed there was nothing to report

It reaches far more people than expected – immigrants, dual citizens, green card holders, Americans who inherited abroad, and anyone born in the US to foreign parents.

You file three amended returns, six years of FBARs, and a certification that the failure was non-willful, meaning a mistake rather than a decision.

Here’s how the numbers work:

• Every penalty above is replaced by a single 5 percent charge, one time, on the highest year-end value of the unreported assets – not 5 percent per year. On $400,000 of foreign assets that’s $20,000 total and the matter is closed.
• If you spent enough time outside the US, you may qualify for the foreign track instead, where the penalty is $0. Same paperwork, no penalty, and almost nobody knows to check.
• Assets you already reported correctly are excluded from the penalty base entirely.
• Eligibility ends the moment the IRS contacts you. If they open an examination of any year, for any reason, this door closes permanently and you’re back to the numbers at the top of this email.

The catch is that offshore compliance is never one form – and you can’t fix what nobody’s identified. That’s why we put everything under one roof:

• A full review of your foreign accounts, entities, and assets before anything gets filed, so we know which program actually fits
• Amended returns, FBARs, and the non-willfulness certification prepared as one package by the same team
• Foreign pensions, PFICs, foreign corporations, and inherited assets handled correctly, including the forms most preparers have never filed
• Personal and business returns going forward, so this doesn’t happen again
• Quarterly tax estimates and ongoing planning by the people who already know your file

Reply to this email by Wednesday and we’ll set up a free 15 minute call with our senior tax advisor to go over your situation. Bring your most recent 1040 and a rough list of your foreign accounts with approximate balances – so we can tell you which program you qualify for and what the total actually comes to.

Sincerely,

—

George Dimov, CPA

Licensed and Insured

(833) 829-1120 toll free

(212) 994-8081 Fax

www.dimovtax.com