New Streamlined Filing Compliance Can Save Non-Resident Taxpayers Thousands or Even Hundreds of Thousands of Dollars in Penalties
Streamlined Filing Compliance – U.S. Taxpayers Residing Outside United States May Be Eligible for a Waiver of All Penalties
Are you a non-resident U.S. Taxpayer?
Have you been living/working abroad and earning no U.S. Income?
Did you think you were exempt from filing a U.S. tax return for those years?
Did a tax preparer tell you that filing was unecessary, but fail to mention your FBAR reporting requirement?
Did you recently learn that you may be facing penalties up to $500,000 and five (5) years in prison for the omission?
Not to worry. You may be eligibile for a new IRS program offering the most lenient treatment for non-reporting of foreign assets in years.
The Streamlined Filing Compliance procedure for FBARs is available for U.S. Taxpayers that: (1) meet certain non-residency requirements; (2) have failed to report a foreign financial asset on FBAR FinCEN Form 114, formerly TD F 90-22.1; and (3) whose delinquency in filing was non-willful.
- Non-Residency. In any one or more of the most recent three years for which the U.S. tax return due date (or properly applied for extended due date) has passed, the individual did not have a U.S. abode and the individual was physically outside the United States for at least 330 full days. Under IRC section 911 and its regulations, which apply for purposes of these procedures, neither temporary presence of the individual in the United States nor maintenance of a dwelling in the United States by an individual necessarily mean that the individual’s abode is in the United States. For more information on the meaning of “abode,” see IRS Publication 54, which may be found at http://www.irs.gov/pub/irs-pdf/p54.pdf.
- Delinquent Returns. You qualify if you have not filed, or if you have filed, but omitted foreign accounts! You just have to go back and amend or file the past 3 years of returns and past 6 years of FBARs and pay any additional income tax at time of application to the Streamlined Program.
- Non-Willful Delinquency. Your failure to report foreign assets must be based on negligence, inadvertence or mistake and not a desire to evade tax. We can help you determine if you qualify.
A taxpayer who is eligible to use the Streamlined Foreign Offshore Procedures will be eligible for a waiver of all penalties!
A taxpayer who is eligible to use the Streamlined Foreign Offshore Procedures will not be subject to failure-to-file and failure-to-pay penalties, accuracy-related penalties, information return penalties, or FBAR penalties.
Call Fazzio Law Offices today at (201) 529-8024 for more information and to determine if you qualify for this exceptional relief.
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