Streamlined Filing Compliance Procedures Initiative
Do you have foreign bank accounts, income, or assets that have not been reported to the Internal Revenue Service? Several countries have signed the Foreign Account Tax Compliance Act (FATCA) with the United States and will be sharing bank account information of U.S. residents with the IRS. Anyone affected by the Streamlined Filing Compliance Procedures for Non-Resident and Non-Filer Taxpayers should have their individual situation reviewed to determine the most advantageous route in light of these new rules. A&C can assist in determining the IRS filing needs as well as any other international financial planning for the short- and long-term.
This program is for U.S. citizens or permanent residents who have physically lived outside the U.S. (Streamlined Foreign Offshore Disclosures, a.k.a. SFOP) and for U.S. citizens or permanent residents who reside in the U.S. (Streamlined Domestic Offshore Disclosures, a.k.a. SDOP). Non-resident taxpayers will qualify for 0% penalty or resident taxpayers will qualify for 5% as long as the failures to properly report income on the tax returns, or foreign accounts on the FBARs, resulted from non-willful conduct. A&C experts can assist you to evaluate if you qualify for this program and help you participate in the Streamlined Compliance Procedures for an expedient and accurate resolution of your compliance issues.
A&C can help by:
- Preparing original or amended United States income tax returns that can withstand an IRS audit;
- Preparing original or amended FBARs that can withstand an IRS audit;
- Obtaining sensitive information from foreign banks and brokerage companies;
- Working with IRS agents once an IRS auditor is assigned;
- Assisting in accounting for transactions in foreign currencies; and
- Arranging an installment payment agreement if the taxpayer is unable to pay the entire balance immediately.
The experts at A&C have assisted several clients in completing successful streamlined domestic/foreign offshore disclosures. A&C has the experience and qualifications to guide you through this complex process and possibly save you penalties. Contact www.ahujaclark.com for further information regarding your SDOP/SFOP.