Streamlined Procedures Attorney for Late Foreign Account Reporting (Board-Certified)

Streamlined Disclosure Attorney for Late FBAR 2022

Streamlined Disclosure Attorney for Late FBAR

When it comes to US Persons who have foreign accounts, assets and investments overseas — one of the most important forms they may be required to file is the annual FBAR (Foreign Bank and Financial Account Reporting form aka FinCEN Form 114). When a US Person has not properly or accurately filed the FBAR — they may become subject to fines and penalties — and unfortunately, the Internal Revenue Service and Department of Justice have made FBAR filing a key enforcement priority. Despite the fact that the US government routinely issues FBAR penalties — the IRS has also developed various FBAR amnesty programs available to assist taxpayers with safely getting into compliance. One of the most common programs is this streamlined filing compliance procedures aka “Streamlined Domestic” (US residents) and “Streamlined Foreign” (foreign residents). The programs can be a bit daunting and the information online is oftentimes misconstrued by inexperienced attorneys pretending to be experts. Here are five important facts about making an FBAR Streamlined Disclosure.

Not Just FBAR

One common misconception about the streamlined program is that it is only for filing late FBAR — but that is incorrect. There are many different international information reporting forms that can be submitted through the streamlined disclosure program, including:

• • • Form 3520-A

    • Form 8938

    • Form 5471

    • Form 8865

Missed some US Income

If a Taxpayer missed both foreign income along with US income as well, then they can resolve their domestic income noncompliance as well when they amend their tax returns. In fact, if the Taxpayer knows that they also missed some domestic income along with the foreign income then when the applications amends the return, they have to include all the unreported income.

Domestic vs Foreign Streamlined Disclosure Attorney

There are two versions of the program that our Streamlined Disclosure Attorney team handles: Streamlined Domestic Offshore Procedures (SDOP) and Streamlined Foreign Offshore Procedures (SFOP). Both programs require the taxpayer to be non-willful and both versions of the program refer primarily to foreign accounts. The distinction between domestic and foreign in terms of the offshore streamlined program refers to the residence of the Taxpayer.

Impact on Immigration Status?

Making a streamlined disclosure for FBAR and other internal information related matters is not a criminal submission — and usually will not have any impact whatsoever on a person’s immigration status.

Flat-Fee vs Hourly Streamlined Disclosure Attorney

Be aware of hourly streamlined domestic and streamlined foreign offshore attorneys. Nearly all — if not all — Board-Certified Tax Law Specialists handle these matters flat-fee, full-service to include both tax and legal representation. Click here to learn the pitfalls of hiring an hourly streamlined lawyer for your offshore disclosure.

About Our International Streamlined Disclosure Attorney Firm

Golding & Golding specializes exclusively in international tax, and specifically IRS Streamlined Filing Compliance Procedures.

Contact our firm today for assistance with getting compliant.