Embedded Files
A Path Back to U.S. Tax Compliance
A Path Back to U.S. Tax Compliance
The IRS Streamlined Filing Compliance Procedures provide an avenue for eligible U.S. taxpayers living abroad to address prior U.S. tax and foreign financial account reporting obligations. The procedures are generally intended for taxpayers whose failure to comply resulted from non-willful conduct. Our cross-border tax professionals assist with evaluating eligibility, preparing the required filings, and completing the Streamlined submission process.
The IRS Streamlined Filing Compliance Procedures provide an avenue for eligible U.S. taxpayers living abroad to address prior U.S. tax and foreign financial account reporting obligations. The procedures are generally intended for taxpayers whose failure to comply resulted from non-willful conduct. Our cross-border tax professionals assist with evaluating eligibility, preparing the required filings, and completing the Streamlined submission process.
What Does the Streamlined Procedure Require?
What Does the Streamlined Procedure Require?
To qualify, you must:
To qualify, you must:
- File the last 3 years of delinquent or amended federal income tax returns
- File up to 6 years of delinquent FBARs, where required
- Report previously omitted income and foreign financial assets as applicable
- Complete the required certification regarding non-willful conduct
For many U.S. taxpayers living abroad, foreign tax credits and other available provisions may significantly reduce or eliminate U.S. income tax.
For many U.S. taxpayers living abroad, foreign tax credits and other available provisions may significantly reduce or eliminate U.S. income tax.
Together, these steps can provide eligible taxpayers with a structured path toward bringing their U.S. filing obligations up to date.
Together, these steps can provide eligible taxpayers with a structured path toward bringing their U.S. filing obligations up to date.
Streamlined Filing Fees
Streamlined Filing Fees
Streamlined Filing engagements start at $1,800 CAD. Fees vary depending on filing history, income sources, foreign financial accounts, investments, business interests and additional international information reporting requirements. A fixed fee will be provided following an initial review of your circumstances. If FBAR filings are needed- applicable when foreign account balances exceeded $10,000 at any point in the last six years- those are included as well. Our flat-fee structure covers up to six FBARs, ensuring full compliance without any surprise add-ons.
Streamlined Filing engagements start at $1,800 CAD. Fees vary depending on filing history, income sources, foreign financial accounts, investments, business interests and additional international information reporting requirements. A fixed fee will be provided following an initial review of your circumstances. If FBAR filings are needed- applicable when foreign account balances exceeded $10,000 at any point in the last six years- those are included as well. Our flat-fee structure covers up to six FBARs, ensuring full compliance without any surprise add-ons.
Why Address Past U.S. Filing Obligations?”
Why Address Past U.S. Filing Obligations?”
The United States receives financial account information from numerous foreign jurisdictions under FATCA and other information-sharing arrangements. Addressing prior filing obligations proactively may provide eligible taxpayers with access to the relief available under the Streamlined Filing Compliance Procedures while bringing their U.S. tax filings up to date.
The United States receives financial account information from numerous foreign jurisdictions under FATCA and other information-sharing arrangements. Addressing prior filing obligations proactively may provide eligible taxpayers with access to the relief available under the Streamlined Filing Compliance Procedures while bringing their U.S. tax filings up to date.
Why Taxoria?
Why Taxoria?
CPA-led cross-border tax assistance focused on U.S. and Canadian tax matters. We provide remote service to clients across US, Canada and abroad, with each Streamlined inquiry reviewed for eligibility before an engagement is accepted.
CPA-led cross-border tax assistance focused on U.S. and Canadian tax matters. We provide remote service to clients across US, Canada and abroad, with each Streamlined inquiry reviewed for eligibility before an engagement is accepted.
Want to Learn More About the Streamlined Procedures?
Want to Learn More About the Streamlined Procedures?
Streamlined filing eligibility and reporting requirements can vary significantly depending on your residency, filing history, foreign assets, and other circumstances.
Streamlined filing eligibility and reporting requirements can vary significantly depending on your residency, filing history, foreign assets, and other circumstances.
We’ve put together a detailed guide explaining the Streamlined Foreign Offshore Procedures (SFOP), Streamlined Domestic Offshore Procedures (SDOP), non-willful conduct, FBAR and FATCA reporting, and some of the additional considerations that can arise for U.S. taxpayers living abroad.
We’ve put together a detailed guide explaining the Streamlined Foreign Offshore Procedures (SFOP), Streamlined Domestic Offshore Procedures (SDOP), non-willful conduct, FBAR and FATCA reporting, and some of the additional considerations that can arise for U.S. taxpayers living abroad.
Read our detailed guide: IRS Streamlined Filing Compliance Procedures — What U.S. Taxpayers Living Abroad Should Know →
Read our detailed guide: IRS Streamlined Filing Compliance Procedures — What U.S. Taxpayers Living Abroad Should Know →
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