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Are You Eligible for Reduced 5% Miscellaneous Penalty or No Penalty At All?

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New Streamlined Filing Compliance Procedure for Delinquent FBARs

New Expanded Amnesty Program Just Launched!  Criteria Released for expansion of streamlined procedures on Wednesday, June 18, 2014.

Are you eligible for the reduced 5% Miscellaneous Offshore Penalty?

Do you know if you qualify for alternatives to Offshore Voluntary Disclosure for Eligible FBAR Non-Filers?

Are you a U.S. citizen with foreign bank accounts?

Have you lived and worked overseas with little U.S. income since January 1, 2009?

Are you living abroad or recently back in the United States and concerned about Foreign Bank Account non-reporting and the criminal and civil penalties involved?

Do you want to save 22.5% on penalties and avoid potential criminal prosecution?  Did you know you might be able to avoid penalties altogether?

Program Qualifications

  1. Non-resident U.S. Taxpayers who have resided outside the United States since January 1, 2009 and have not filed returns since that time.
    1. Eligible for a waiver of all penalties.
  2. Non-resident U.S. Taxpayers who have returned to the United States, but who have resided abroad since January 1,2009 and have not filed returns since that time.
    1. Eligible for Miscellaneous Offshore Penalty of 5%.  Calculated with reference to foreign assets giving rise to non-compliance.


Program Benefits

  • Streamlined Procedure costs 22.5% less on penalties and you may be able to avoid penalties altogether.
  • Streamlined Procedure is thousands of dollars cheaper to complete than the much more intensive 2014 Offshore Voluntary Disclosure Program.
  • Streamlined Procedure has a much quicker turnaround, with a turnaround time of a few months versus over a year.
  • Streamlined Procedure requires far less money down when filing.


Program Requirements

  • File all delinquent tax returns and reports (i.e., Form 3520 or 5471) for past three years;
  • File all delinquent FBARs (Form TD F 90-22.1, now FinCEN Form 114) for the past six years;
  • Pay all delinquent tax and interest, if applicable, and remit along with delinquent returns;
  • Submit a Streamlined Filing Compliance Procedure Questionnaire - http://www.irs.gov/pub/irs-utl/non-resident_questionnaire.pdf.

Call us today at (201) 529-8024 for more information on the Streamlined Filing Compliance Program and Offshore Disclosure Options.

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Category: Tax


1 Comments to "New Streamlined Offshore Program Just Launched by IRS!"

Great article. Thanks for the info, you made it easy to understand. BTW, if anyone needs to fill out a form 3520, I found a blank form here.

Posted by Ray on January 14, 2015 at 07:26 AM

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