How long does this process take?
It’s difficult to say how long the total process will take. Your US tax advisor will give you an estimate on the length of the process. However one of the stipulations of the Streamlined Procedures is that the IRS does not notify the taxpayer that their ‘non-willful statement’ has been accepted or that no further penalties, civil or criminal charges will be assessed. The statute of limitations starts (or restarts) once the submission is made. This leaves the individual, new to US reporting rules, in a state of ambiguity. The individual may receive an automated notice if tax was calculated incorrectly or if additional interest is due.