Hi everybody my name is David McKean and a question this week is how does the IRS streamlined process work now the streamlined process is different from the offshore voluntary disclosure program the streamlined process is designed for people who are considered low-risk by the IRS now this procedure is available for non-resident US tax payers who have resided to come out in the US since January 1st 2023 and who have not filed a US tax return during the same period so what do you need to do well you need to file 3 years of federal tax returns with all the appropriate forms and schedules and you need to find six years of your foreign bank account report so disclosing your foreign bank account reports the streamline procedure again is for people who are considered a low-risk one of the thresholds to be considered a low-risk is having a tax liability of less than $1,500 per year you know there's a couple other risk factors that the IRS has on their website about this one of them is if you would be considered too high-risk if there are indications of sophisticated tax planning or avoidance or the taxpayer has a financial interest and an entity or entities located outside of his or her country of residence so presumably this is you know if you live in the UK but you own corporations that are based out of Singapore this may disqualify you from the low risk process but each of these returns will be looked at individually now there's also a special process for submitting new returns and again there's a lot of detail about this but I'll just give you some of the basics there's a separate mailing address so you don't send this in to the...
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How to complete your submission under the streamlined procedures Form: What You Should Know
Form 8938. How to File Expat tax returns under the Streamlined Filing Procedures The Streamlined Filing Procedures will be available from today until April 18th, 2022. After that, taxpayers can continue to file all their US expat tax returns under their individual tax returns.
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