Get back on track with the Streamlined ProcedureIntroduction
If you are a US citizen, you may have been hearing a lot about the “Streamlined Procedure” lately. This is a set of IRS procedures that allow certain taxpayers to catch up on their US tax filings and avoid hefty penalties for not filing. It is also called an amnesty Programm.
In short: under the Streamlined Procedure, you have to file 3 years of tax returns and 6 years of FBARs, backwards. And you must provide a statement that the non-compliance is “non-willful”.
For example, suppose it is now July 10, 2022. You would like to become compliant and submit a Streamlined Procedure. One needs to file a minimum of 3 years of US tax returns, this will be 2021 – 2020 and 2019. And one reports the last 6 years FBAR, the years 2021 – 2020 – 2019 – 2018 – 2017 and 2016.
Are you thinking about giving up your US citizenship for good in the near future? Then consult with the team at Americans Overseas, the Streamlined Procedure is extensible so that you meet the number of filed tax years sooner to be able to renounce.