What is Streamlined Filing Procedures?
IRS program allowing eligible taxpayers to catch up on delinquent tax returns and FBAR filings without penalties.
Definition
The IRS Streamlined Filing Compliance Procedures are designed for taxpayers who have failed to report foreign financial assets, pay tax on those assets, or file FBARs, but whose failure was non-willful. The program has two tracks: Streamlined Foreign Offshore Procedures (for taxpayers living abroad) and Streamlined Domestic Offshore Procedures (for US residents). Qualifying taxpayers can file 3 years of amended returns and 6 years of FBARs.
Who Needs to Know This?
US taxpayers who non-willfully failed to file required international information returns (FBARs, Form 8938, etc.) or report foreign income, especially expats who weren't aware of US filing requirements.
Key Deadline
No specific deadline - voluntary disclosure program
Potential Penalties
Streamlined Foreign: No penalty. Streamlined Domestic: 5% miscellaneous offshore penalty on highest aggregate account balance.
Related Forms
Common Mistakes to Avoid
- 1Using this program when failure was willful (serious consequences)
- 2Not certifying non-willfulness correctly
- 3Filing under wrong track (foreign vs domestic)
- 4Not filing all required years and forms
Related Terms
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