Streamlined Filing Compliance Procedures
Did You Fail to Tell the IRS about Your Off-Shore Financial Matters?
When you earn income in the U.S., all of your income worldwide is subject to taxation whether or not you’re a citizen. The IRS keeps tabs on this by requiring everyone with foreign financial assets to file a Report of Foreign Bank and Financial Accounts (FBAR) document every year. Failing to do this can get you on the government’s radar pretty quickly, and you’ll have to respond just as fast and carefully to avoid harsh penalties of $10,000 or more for each year you didn’t report.
At Castro & Co., we can help clients like you with foreign assets or funds undergo the IRS’ streamlined filing compliance procedures to help you certify that you did not willfully fail to file your FBAR or pay your taxes. This is important because the penalties for willfully failing to file your FBAR can be significant or even criminal. When you work with our international tax attorneys, we’ll do our best to help you rest easier knowing that your chances of the best possible outcome are achievable with our assistance.
The first qualification requirement to benefit from the IRS’ streamlined procedures is that you are filing as an individual taxpayer, which includes the estates of such taxpayers. Whether you live within our beyond U.S. borders, you are eligible to use this system to your advantage.
Other eligibility requirements are as follows:
- You must certify that your failure to file and pay taxes on your foreign accounts was the result of non-willful conduct such as mistakes, negligence, inadvertence, or as the result of a misunderstanding of the requirements that occurred in good faith.
- The IRS has not informed you that it has begun a civil examination of your tax returns or taken such action regardless of whether or not the examination related to unpaid foreign tax liabilities.
- You must pay any previous tax bills or penalties for previously late or unfiled returns
- You must have a valid Taxpayer Identification Number
If you have questions about your eligibility for the IRS’ streamlined filing compliance procedures, contact an attorney from Castro & Co. to get the specific and personalized attention you need.
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