How to File Your Back Taxes From Abroad to Avoid Problems with the IRS
If you have not filed your tax return for many years, the IRS has extended an olive branch with the Streamlined Procedure. Even if you’ve never filed, you will only need to file for the last three years. We can help you get current before the IRS sends you a notice or does something worse.
Stay Ahead of IRS Notices - Get Compliant
- After the IRS sends you a notice, it may be too late to claim the Foreign Earned Income Exclusion. You might have to pay tax on all of your income during those years even if previously you could have excluded it.
- If you file tax returns, the statute of limitations will also start to run out. If you file no tax return, the statute never runs out and the IRS can assess taxes many years later.
Avoid FBAR Penalties - Arguably More Important (Read: Higher)Than Tax Return Penalties
By filing via the Streamlined Procedure, you would be obtaining amnesty from FBAR penalties.
- In the case of “non-willful” violations, the IRS may impose a maximum penalty of $10,000. A higher maximum penalty of $100,000 or 50% of the amount of the transaction or the balance of the account at the time of the violation (whichever is greater) can be asserted where the IRS finds a taxpayer’s willfulness in violating the requirement.
- If you’re already caught up with your tax returns, but have not filed FBAR, there is a special program for that as well - Delinquent FBAR Submission Program.
Our Flat Fee Structure is simple and transparent ($350 for Federal Tax return or $450 if Gross Income is over $100,000)
- Flat Fee includes the following forms:
- 1040, 2555, 1116, 1 Rental Property (one depreciation schedule).
- Up to 10 Bank Interest / Dividend / Brokerage Transactions.
- There are many more forms that are included in the Flat Fee package. Click here for the full list.
Furthermore, we offer a 20% discount to clients who file multiple year returns at the same time.
The regular price for Streamlined Procedure services if purchased separately:
|3 Years of Federal Tax Returns||350 * 3 = $1,050|
|6 Years of FBARs||75 * 6 = $450|
|Analysis of situation and applicability for the program||$150|
We are offering a special package price of $1,200 - saving you 27%.
Please note - the package above only consists of preparation & filing of the Tax Returns & FBAR. There is another form that is required. You can prepare it yourself or we can do it for you.
|Preparation of the IRS Certification by U.S. Person Residing Outside of the U.S statement for the Streamlined Procedure costs||$300|
|Preparation of the IRS Certification by U.S. Person Residing in the U.S statement for the Streamlined Procedure costs||$500|
Same percent discount applies if your income is over $100,000 - package then costs $1,400.
If your bank requires proof of US tax compliance, we can also prepare and mail them the U.S. Paid Preparer Certification and Notification. This service costs $150.
A few yes/no questions:
|Help me get caught up on overdue tax returns?||Yes|
|Offer a discount for those who file multiple years at once?||Yes|
|Is your discount 20%?||Yes|
|Would you recommend that I file my back taxes if I’ve never done it or am may years behind?||Yes|
|Would filing back taxes reset the timer on the statute of limitations that would otherwise never expire?||Yes|
|Do you have a lot of experience with back taxes?||Yes|
|Have you helped thousands of clients get caught up with back taxes?||Yes|
|Do most clients end up paying no penalties to the IRS (as long as they follow appropriate procedures and are guided by an expert advisor)||Yes|