IRS Streamlined Foreign Procedures

Streamlined Foreign Offshore Procedures

The streamlined foreign offshore procedures are available for taxpayers with undisclosed foreign income, assets, investments that did not result from willful conduct on their part. The IRS designed the program to provide a taxpayer with a streamlined procedure for filing amended or delinquent returns and resolve their tax and penalty obligations. Foreign residents living worldwide can get a full penalty waiver under the program. The most common penalty is FBAR penalties which is assessed when a taxpayer failed to file a Form 114 to disclose the foreign bank accounts on time.

Some common questions our clients have about the streamlined foreign offshore procedures are:

• Who are eligible for the program?
• How does the program work?
• What tax forms do I need to fill out and submit?
• When should I submit the applications?
• How much can I expect to owe in penalties?

If you have any of these common questions, just contact us below & we will be more than happy to assist you.