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Filing via the Streamlined Procedure

If you are not currently up to date on your tax returns or FBARs, the best option to become compliant is the Streamlined Procedure announced by the IRS in 2014.

It requires filing of last 3 years of tax returns and 6 years of FBAR (regardless of how many years the taxpayer has missed). The best part is that the penalties you might be liable to pay for failure to declare foreign bank accounts (those are the really scary ones - please see Article on FBAR Penalties) will be waived.

We’ve helped hundreds of expats get up to speed with their U.S. tax returns using this program and have developed the unique expertise with it.

Further Reading

  1. IRS Has a New Program for Expat Americans with Delinquent Taxes
  2. Everything You Need (but Are Probably Afraid) to Know About FBAR Penalties
  3. Comparison of Forms 8938 and FinCEN 114 (FBAR)
  4. Could you Benefit from Opting Out of the IRS Amnesty for Offshore Accounts?

Questions You Might Have When Deciding on Whether to Join SP

1. Am I Eligible To Apply For the IRS Streamlined Procedure?

2. What Are the Advantages/Disadvantages of joining the SP?

3. Why should I join the Streamlined Procedure vs simply filing my overdue tax returns?

4. I Am Up To Date With My Tax Returns But I Have Not Filed FBAR For ALL My Non-US Accounts -- What Are My Options?

5. What If I Did Not Have to File FBARs - Would I Be Saved From Regular Tax Return Penalties?

6. Why Should I Opt For The Streamlined Program And Not OVDP?

7. I am up to date with my tax returns, but I did not complete form 5471 for my foreign corporation, what do I do?

8. I am up to date with all my FBARs, but have not filed tax returns - what do I do?

9. Can I File SP If I Live In the US?

10. Can I File Via the SP If I Am Already Doing OVDI?

11. If I file under SP with TFX, does it mean that I am automatically accepted to the program?

12. I have just found out that I need to file US taxes and want to get up to date. Should I contact the IRS beforehand and let them know I will be sending in my forms soon?



Questions You Might Have on Logistics of Filing SP with TFX

1. How long does it take to complete the returns required for the Streamlined Program?

2. How should I complete the TQ if I am doing the streamlined program?

3. I am asked to provide my details on the Non-US Accounts tab but it’s blank. What should I do?

4. How do I get the return to the IRS? Can you e-file it for me?

5. I don't have $10k across my accounts for every year, do I still have to complete the Non-US accounts section for every year?

6. Can my spouse and I file streamlined together, or do we each need our own submission?

7. Do I have to provide my bank statements?

8. What kinds of accounts should be reported in the Non-US Accounts tab?

9. Can I provide estimated balances on the Non-US Accounts tab?

10. How do I report the interest earned on the accounts I provide details for in the Non-US Accounts tab?

11. How should I pay for the service?

12. I would like to ask some questions by phone, how can I do that?

13. What is the Certification Letter?

15. What years do I have to file?

16. How will IRS inform me about my Streamlined Procedure filing?

18. How does preparing SP vs single year return work?