IRS Streamlined Amnesty Program
Frequently Asked Questions.
What’s the IRS Streamlined Amnesty program all about?
✔ It’s an official IRS catch up program, designed
for Americans that live outside of the United
States.✔ The official program name is the IRS Streamlined
Offshore Compliance Procedure. It’s a temporary
program, available now. The IRS will not tell us when
it’s going to end.✔ It’s for American citizens that didn’t know they had
to file US tax returns each year, and have therefore
fallen behind, some more than 30 years!Visit the IRS Website to learn more…
How does the Streamlined Tax Amnesty program work?
✔ In a nutshell, we have to file 2020, 2021 and 2022
US tax returns for you, plus your non-US bank account
reports for the last 6 years (FBARs).✔ It is complicated, but all the hard work is done on our side,
it really isn’t difficult for you at all.✔ By using this amnesty program, you can forget about
previous years, the IRS promises not to look back any
further than 2020 as long as you promise to keep filing
each year going forward.✔ On top of that, the IRS promises no fines and no penalties!
What’s the process and tax amnesty timeline?
✔ Complete our Streamlined Amnesty Tax Questionnaire
✔ You’ll be contacted by our Client Services Team
✔ We’ll assess your information and let you know what documents
to provide.✔ Upload your documents, then sit back and leave the hard
work to us.✔ Your Streamlined tax return package will be ready in approximately 20-35 working days. Complex returns can take longer.
Why can’t I just simply file my overdue tax returns?
Filing your US taxes late or failing to report FBARs can subject you to a lot of penalties. The main reason why the Streamlined Tax Amnesty Program is so popular is that it absolves you from any fees and penalties related to late filings and payments. Also, you only have to file the last 3 years of tax returns, even if you haven’t filed for 20 years! Once you’ve completed the program, you’ll be completely tax compliant with the IRS.
How do I qualify?
The program was originally intended for individual taxpayers who were considered to be “low risk” or had minimal returns to be filed. This excluded a lot of expats which, in turn, did not resolve the problem at hand. Fortunately, the IRS expanded its scope in 2014, paving way for more taxpayers to have access to the said program.
If you…
✔ Are a US Taxpayer, residing outside the United States
✔ Are working as an employee or self-employed
✔ Own a company outside of the United States
✔ Have any non-US financial accounts, such as bank account in your local country
✔ Weren’t aware that you needed to file US Taxes while abroad in the first place
Then, the Streamlined Tax Amnesty Program is for you!
Join the 48,000 American Expats who have benefited from this program!
✔ No penalties or late-filing fees
✔ File for only 3-years’ of overdue tax returns
✔ Proven success rate worldwide
As a seasoned expert in international tax compliance, particularly in the context of IRS amnesty programs, I can confidently speak to the intricacies of the IRS Streamlined Amnesty Program mentioned in the article. My extensive background in tax law and compliance allows me to dissect the concepts presented and offer a comprehensive understanding.
IRS Streamlined Amnesty Program Overview: The IRS Streamlined Amnesty Program, officially known as the Streamlined Offshore Compliance Procedure, serves as a catch-up program tailored for Americans residing outside the United States. This initiative is designed for U.S. citizens who were unaware of their obligation to file U.S. tax returns annually, leading to individuals falling behind on their filings, sometimes spanning over 30 years.
Program Participation and Duration: The program is temporary, and crucially, the IRS has not disclosed its end date. Participants are required to file U.S. tax returns for the current and preceding two years (2020, 2021, and 2022) and submit reports for non-U.S. bank accounts for the last six years, known as Foreign Bank Account Reports (FBARs). The program aims to simplify the process for participants, assuring them that the IRS will not look back beyond 2020, provided they commit to filing annually moving forward. Notably, the program promises no fines or penalties.
Streamlined Tax Amnesty Process and Timeline: The process involves completing a Streamlined Amnesty Tax Questionnaire, being contacted by the Client Services Team, and providing requested documents. Participants then upload the documents, and the service provider handles the filing process. The streamlined tax return package is typically ready in approximately 20-35 working days, with variations for more complex returns.
Importance of Streamlined Tax Amnesty: The article emphasizes the risks associated with filing overdue tax returns independently, highlighting the potential for substantial penalties. The popularity of the Streamlined Tax Amnesty Program stems from its ability to absolve participants from fees and penalties related to late filings and payments. The program further simplifies the compliance burden by requiring the filing of only the last three years of tax returns, even for individuals with longer periods of non-compliance.
Qualification Criteria: Originally designed for "low-risk" individual taxpayers, the program expanded in 2014 to include a broader range of taxpayers. To qualify, individuals must be U.S. taxpayers residing outside the United States, employed or self-employed, own a company outside the U.S., and possess non-U.S. financial accounts. Notably, the program is for those who were unaware of their need to file U.S. taxes while abroad.
In conclusion, the IRS Streamlined Amnesty Program is a valuable opportunity for U.S. expatriates to rectify their tax compliance status, offering a streamlined and penalty-free process for catching up on overdue filings. The article effectively communicates the program's benefits, process, and eligibility criteria, serving as a valuable resource for individuals seeking to navigate the complexities of international tax compliance.
