What Is Streamlined Foreign Offshore Procedures?
U.S. taxpayers with foreign bank accounts that have not been reported should definitely be aware of streamlined foreign offshore procedures. This IRS procedure was created specifically for people who did not report their foreign holdings intentionally. Taxpayers will avoid heavy fines and penalties if they use this process and can get back on track without any trouble. For more information on this process, please visit the streamlined foreign offshore procedures website.
The process has especially helped people who didn’t even know about their reporting requirements. Many expatriates and dual citizens only find out that they have a responsibility to report foreign accounts on an annual basis. By going into the streamlined program, the taxpayer will be able to amend returns and submit FBARs and certify that there was no intentional non-compliance. This is very important since it makes the difference between the ignorance of the law and tax evasion. Find out more about streamlined procedures.
Another good thing about streamlined foreign offshore procedures is that the penalties will be significantly less. Instead of being fined heavily, taxpayers may only pay a miscellaneous offshore penalty or even not have to pay any fines at all.
It requires filing the corrected tax forms for the last three years and the FBAR forms for the last six years. However, despite seeming quite complicated, professional assistance will help deal with everything properly. The tax professionals will make sure that all documents are completed, all deadlines are observed, and certifications are made. If one receives proper assistance, the procedure of going through this amnesty will not be difficult anymore.
Thus, streamlined foreign offshore procedures offer another opportunity to come into line with the law of the United States. They show both responsibility and lenience in case the taxpayer makes some mistake. If one has an undisclosed foreign bank account, then this program can help him/her to solve the problem and stay financially safe.
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