New 2025 Streamlined Foreign Offshore Procedures - Golding & Golding, Board-Certified Specialist

Описание: https://www.irsstreamlinedprocedures....

When a Taxpayer is a U.S. person for tax purposes and has not previously reported their foreign income on their U.S. tax returns and failed to file accurate international information reporting forms, they may be subject to extensive IRS fines and penalties.  Some of the more common international reporting forms that Taxpayers may be aware of are the FBAR (FinCEN Form 114) and FATCA Form 8938 (Foreign Account Tax Compliance Act). Non-willful Taxpayers who have not yet been penalized and are not under audit may qualify for the Streamlined Filing Compliance Procedures to get into compliance and minimize or avoid penalties. 

The streamlined procedures have two different programs: Streamlined Domestic Offshore Procedures (SDOP) and Streamlined Foreign Offshore Procedures (SFOP).  This article will focus on the Streamlined Foreign Offshore Procedures, which offers Taxpayers the opportunity to file original tax returns (or amend prior returns) and avoid all Title 26 miscellaneous offshore penalties. Let's walk through the basics of the streamlined procedures for Taxpayers who qualify for the foreign offshore program -- along with providing examples explaining the different requirements.