[ Offshore Tax ] What If I Have Not Filed A US Expat Tax Return For A Really Long Time?

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What If I Have Not Filed A US Expat Tax Return For A Really Long Time?

DERREN JOSEPH:
With about the streamlined procedures? So, this applies to someone who has not been 100% compliant from the US side, and what the IRS says, if your non-compliance was non-willful, and again, that's not defined in code. So, we use case law to understand what they mean by willful versus non-willfulness. Once your non-compliance was non-willful. So, therefore you did not deliberately set out to deceive or to evade taxes. Then they allow you to play catch up, no matter how long you have not. I had a client this earlier today, he hasn't filed taxes in a really long time, at least not complete returns, but the lookback period is only three years because that's the statute of limitations for years.

So, he filed three years returns and six years FBARS, which will be the foreign bank account report. And the IRS agrees to turn a blind eye to everything that happened before that. You pay your interest, but no penalties, which is super important because penalties could be pretty draconian. So that's how the streamline works. And you draft a statement that explains the reason why you are non-compliant. If this is something you want to discuss further, please feel free to contact me.

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