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Form 14654 IN: What You Should Know

Streamlined Forms 14653 and 14654 Tax Returns When a Form 14653 or a Form 14654 is filed in the preliminary stage, the taxpayer must meet certain time restrictions and penalties prior to a final Form 14653 or Form 14654. Forms 14653 and 14654: Preliminary Stage —  Form 14653 is filed on the same day as Form 14654. Form 14654 is filed within 30 days after its due date. Form 14653 and Form 14654 Filing Periods Only Form 14654 has the same filing period as Form 1320 or Forms 4684. Streamlined Forms 14653 and 14654 Time Restrictions A taxpayer must meet certain time restrictions and penalties prior to a Form 14653 or a Form 14654. Note: If you were assessed penalties for the most recent year (Forms 4863 and 4688), you will not be assessed penalties on your filing for the year in which you qualify for the Streamlined procedure. Taxpayers Facing Offshore Tax Matters In 2016 A taxpayer should not continue to wait to file when he has been notified in writing that he is eligible to file a Form 14654 without filing a Form 14653. However, when a taxpayer has been notified in writing of a loss or a refund, and he chooses to file a Form 14653, the penalties apply for not filing a Form 14654 in a timely fashion. The IRS may assess penalties up to 50% of the taxpayer's balance due for each failure to file (Form 14654). Streamlined Forms 14653 and 14654 Filing Periods A taxpayer must file his or her Form 14653 or Form 14654 within 30 days after its due date; otherwise, no tax will be due and no penalty will be imposed.  Any Form 14653 or Form 14654 submitted that is received after the 30-day filing period is considered a late filing due to a period when the taxpayer was not able to file a complete and correct Form 14653 or Form 14654 within the 30-day filing period. A late filing due to a late filing (i) may not reduce a taxpayer's due dates, (ii) is subject to penalties. If a penalty is assessed, it applies to all taxpayers, including those who filed Form 14653 or Form 14654 late.

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