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FAQ

What is streamlined foreign offshore procedures?
The Streamlined Foreign Offshore Procedures are designed by the IRS to bring certain individuals with undisclosed foreign income, investments, assets, or accounts into the IRS offshore compliance without issuing any penalties against the taxpayer.
What is IRS amnesty program?
A tax amnesty program is an opportunity for a very specific group of taxpayers that allows them to pay back a certain amount to the IRS, generally in one lump sum. Once paid, this transaction forgives certain tax liabilities accrued from previous tax periods.
What does filing compliance mean?
A compliance filing is a party's submission in response to a final order that au- thorizes or requires that party to implement specific terms of that order. A compliance filing may be a single submission (e.g., a revised tariff) or multiple submissions (e.g., periodic reports).
What is streamlined domestic offshore procedures?
The IRS Streamline Domestic Offshore Procedures are procedures designed to bring non-foreign residents who are out of tax compliance involving foreign income (aka income abroad for overseas income), assets, investments, and accounts into U.S. tax compliance with the Internal Revenue Service.
What is streamlined filing compliance procedures?
The purpose of the IRS Streamlined Filing Compliance Procedures is to bring taxpayers into U.S. tax and reporting compliance. Specifically, it is to bring non-willful applicants with foreign income, assets, accounts, and investments into compliance. But, a person can disclose unreported U.S. income as well.
What are streamlined procedures?
The IRS Streamlined Procedures are designed for delinquent taxpayers 13 those who are late or have never filed 13 who can certify that that their failure to previously report all income, pay all tax, and submit all required tax information returns, including FBARs, resulted from non-willful conduct.
What is streamline compliance?
Purpose of the streamlined procedures The streamlined filing compliance procedures ( streamlined procedures ) describe below are available to taxpayers certifying that their failure to report foreign financial assets and pay all tax due in respect of those assets did not result from willful conduct on their part.
What is SFOP?
The Streamlined Foreign Offshore Procedures (SFOP) were created by the IRS to encourage US taxpayers living outside the US to become current with their US tax filing obligations. The US is one of the few countries in the world imposing taxes based on citizenship instead of residency.
How do I file a streamlined procedure?
If you do qualify for Streamlined Filing Compliance Procedures, you will need to. File income tax returns for the prior three delinquent tax years. File an FBAR (FinCEN Form 114) for the prior six tax years. Complete a statement of explanation detailing why your tax returns and FBAR weren't filed.
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