The Streamline Procedure
WATCH THIS 30-MINUTE EDUCATIONAL VIDEO: The Streamlined Compliance Program. Presented by Richard S. Lehman, U.S Tax Attorney.
SUMMARY:
- The IRS has implemented new laws to ensure American taxpayers report offshore income, assets, and bank accounts.
- Previously, failure to report foreign income and bank accounts resulted in serious penalties and possible criminal charges.
- The IRS introduced the streamlined filing compliance procedures, providing a more lenient option for taxpayers to report foreign assets and income.
- The streamlined procedures are not applicable to willful misconduct or failure to report by taxpayers aware of their reporting obligations.
- Eligibility requirements and procedures differ for US taxpayers living in America and those residing overseas, with lower penalties for non-residents.
RELATED ARTICLE: The Streamline Procedure – Failure To Report Foreign Bank Deposits And Foreign Assets
The Offshore Voluntary Disclosure Program is no longer be available since September 28, 2018 to taxpayers who have not reported their omitted foreign bank accounts and certain foreign assets.
However, the Streamline Procedure, which applies only to those persons who have not willfully failed to report their foreign bank accounts, is still available. However, like the Offshore Voluntary Disclosure Program, the Streamline Program can be rescinded at any time, leaving the taxpayer who has not reported their foreign bank deposits at the mercy of the individual I.R.S. examiner.
The Streamline Program has received a big boost from a fairly recent case that has taken a very broad view of “willfulness” as it applies to the U.S. taxpayer that has not reported his or her foreign bank deposits.
Those who are interested in the Streamline Program need to take an extended look at the Bedrosian case. Read full article here.
