FBAR Streamline Lawyer Dallas
Whether or not you are a bank account holder in a foreign nation, the following article will help shed light on how the IRS is now targeting individuals for new compliance measures. Are you are an American expat and haven’t filed a tax return in years? Have you been living overseas and have recently become aware of your filing obligations?
If you are a US citizen or green card holder living abroad and have years of unfiled tax returns, you are not alone. The IRS has recognized that many taxpayers overseas have not timely filed their U.S. federal income tax returns or Reports of Foreign Bank and Financial Accounts (FBARs), Form 114 (formerly TD F 90-22.1) and is offering a special procedure to get delinquent taxpayers back on track. The IRS presents a very attractive opportunity to come into compliance in a manner that avoids possible IRS enforcement action and the significant penalties that accompany it
The IRS expanded and changed the Streamlined Filing Compliance Procedures first implemented on September 1, 2012. The program now includes not only individual taxpayers who reside outside the United States but also US individual taxpayers residing in the United States.
The 2 programs are the
1. Streamlined Foreign Offshore Procedure and
2. The Streamlined Domestic Offshore Program.
Call us for a consult or a case evaluation to get a better understanding of your case.
Mansoor Ansari J.D., LL.M. (TAX)