Hi everybody, my name is David McKean. 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 taxpayers who have resided in the US since January 1st, 2009 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 6 years of your foreign bank account reports. Disclosing your foreign bank account reports is part of the streamline procedure. Again, the streamline procedure is for people who are considered low-risk. One of the thresholds to be considered low-risk is having a tax liability of less than $1,500 per year. There are a couple of other risk factors that the IRS has on their website regarding this. One of them is if you would be considered too high-risk if there are indications of sophisticated tax planning or avoidance, or if the taxpayer has a financial interest in an entity or entities located outside of his or her country of residence. Presumably, this applies 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. However, each of these returns will be looked at individually. Now, there is also a special process for submitting new returns. Again, there is a lot of detail about this, but I'll just give you some of the basics. There is a separate mailing address, so you don't send this to the regular IRS mailing address. You...
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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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