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STREAMLINED FILING COMPLIANCE PROCEDURES
DID YOU FAIL TO TELL THE IRS ABOUT YOUR OFFSHORE FINANCIAL MATTERS?
When you earn income in the U.S., all your income worldwide is subject to taxation whether or not you’re a citizen. The IRS keeps tabs on this by requiring everyone with foreign financial assets to file a Report of Foreign Bank and Financial Accounts (FBAR) document every year. Failing to do this can get you on the government’s radar quickly, and you’ll have to respond just as fast and carefully to avoid harsh penalties of $10,000 or more for each you did not report.
At IZELLA TAX RELIEF, we can help clients like you with foreign assets or funds undergo the IRS’ streamlined filing compliance procedures to help you certify that you did not willfully fail to file your FBAR or pay your taxes. This is important because the penalties for willfully failing to file your FBAR can be significant or even criminal. When you work IZELLA TAX RELIEF, we’ll do our best to help you rest easier knowing that your chances of the best possible outcome are achievable with our assistance.
Schedule a Consultation or call (415) 818-6899 to reach out to our Enrolled Agents who may be able to assist you with the IRS’ streamlined filing compliance procedures. GET HELP NOW
What Steps Must I Take to File for Streamlined Disclosure if I Live in the U.S.?
It is prudent to hire a meticulous and experienced Enrolled Agents to handle Streamlined filings. However, it is important for the taxpayer to understand the process of a Streamlined disclosure. Therefore, we will set forth the general steps that are required in making a filing of this type.
Generally, the start of the filing procedures begins with collecting the three most recently filed income tax returns. Under the domestic procedures, these returns must be updated with accurate and comprehensive amended returns making use of only IRS Form 1040X. Furthermore, these amended returns must be accompanied by relevant or required informational returns even if the return would otherwise ordinarily be filed separately. Each of the amended returns must be conspicuously marked that they are being submitted under the Streamlined Domestic Offshore procedures. The taxpayer must also submit any and all tax including offshore penalties that is due and owing.
Additionally, since the Streamlined program is only available to taxpayers who were not willful in their noncompliance, the taxpayer must certify that they were not willful. This certification is made under the penalty of perjury so it is essential that the taxpayer has been forthcoming regarding his or her behaviors and actions. Additional items also certified under penalty of perjury include:
- All delinquent and required FBARS are submitted
- The individual is eligible for Streamlined Domestic Offshore Procedures
- The calculation of the offshore penalty is accurate
This statement must be attached to all tax and information returns or the IRS will process the filings in the standard course and without the benefits of the Streamlined process.
OFFSHORE TAX SERVICES
IRS OFFSHORE & DOMESTIC VOLUNTARY DISCLOSURE
We help Taxpayers across the globe with U.S. & Offshore Tax Compliance and reporting assets, accounts & investments.
REASONABLE CAUSE & PENALTY ABATEMENT
Helping with Form 14653 to certify delinquency was Non-Willful Taxpayers who are out of reporting compliance or have already been issued an Offshore Penalty may qualify for Reasonable Cause to avoid or abate penalties.
STREAMLINED PROCEDURES & DELINQUENCY PROCEDURES
We represent non-willful Taxpayers with alternatives to the IRS Voluntary Disclosure Program. Reduced Penalties and Penalty Waivers may be available.
INTERNATIONAL TAX TREATY ANALYSIS AND FORM 8833
Depending on the taxability of various types of income, a person may be subject to U.S. tax. If the person wants to dispute the tax, they may take a tax treaty position on IRS Form 8833.
FOREIGN GIFT REPORTING & FOREIGN TRUST PENALTIES
When a person receives a gift from a foreign individual, corporation or trust, they may have a Foreign Gift and/or Trust Reporting Requirements.
FOREIGN PENSION PLAN REPORTING & PENALTIES
There are many U.S. persons who have worked in a foreign country and may have one or more foreign pensions. Sometimes these pensions may be taxable and reportable in the U.S.
If you have questions about your eligibility for the IRS’ streamlined filing compliance procedures, Contact Us Today! Enrolled Agents from IZELLA TAX RELIEF to get the specific and personalized attention you need.