Streamlined Domestic Offshore Procedures

Streamlined Domestic Offshore Procedures

The Streamlined Domestic Offshore Procedures are available for US taxpayers residing in the US who failed to timely disclose information about offshore assets, investments, accounts, and income.

The purpose of the Streamlined Domestic Program is to remain in compliance with US tax reporting rules and use a smaller penalty now in order to avoid a potentially larger penalty later, given that the IRS has become much more aggressive in its enforcement of FBAR and offshore penalties in recent years.

Here is a brief test to check if you’re qualified to use the Streamlined Domestic Offshore Procedures:

1) You filed U.S. tax returns for the last three tax years timely

2) You unreported foreign accounts, assets, income, and investments non-willfully.

Non-willful conduct is conduct that is the result of a good-faith misunderstanding of the law or a good-faith belief that one is not violating the law.

3) You are not under audit or investigation by the IRS.

Some common questions our clients have about the Streamlined Domestic Offshore Procedures are:

–Am I 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.