The Streamlined Filing Compliance Procedures offer a valuable opportunity for expats to catch up on their U.S. tax obligations and become compliant.
The Streamlined Filing Compliance Procedures is a program offered by the Internal Revenue Service (IRS) that allows expats to become compliant with their U.S. tax obligations. It provides eligible taxpayers with an opportunity to catch up on their unfiled tax returns and report foreign financial accounts without facing severe penalties. The program is designed to encourage expats to come forward voluntarily and rectify their past non-compliance.
Benefits of Streamlined Filing Compliance Procedures for Expats:
Penalty Relief: Under the Streamlined Filing Compliance Procedures, eligible expats benefit often from no penalties at all. This program provides a chance to rectify past non-compliance without incurring exorbitant financial penalties, offering a fresh start for expats seeking to become compliant.
Efficient Resolution: The Streamlined Filing Compliance Procedures streamline the process of getting back on track with U.S. tax obligations. The program provides clear guidelines, streamlined forms, and specific submission requirements, making it easier for expats to gather the necessary information and complete their filing requirements efficiently.
Peace of Mind: Resolving past tax non-compliance can bring a significant sense of relief and peace of mind. By taking advantage of the Streamlined Filing Compliance Procedures, expats can put their non-compliant years behind them, knowing that they have taken the necessary steps to become compliant with U.S. tax laws.
As part of the Steamline Filing Compliance Procedures you'll be required to:
File the past 3 years tax returns
File the past 6 years FBARs
File a statement that non-filing was not willful
If Streamline isn't applicable to you we can look at alternative resolutions to get you compliant
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