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Archive for IRS Streamlined Filing Procedure

A Summary Of The IRS’ Streamlined Filing Compliance Procedures

A Summary Of The IRS’ Streamlined Filing Compliance Procedures

The IRS’ streamlined filing procedures were first offered by the IRS on September 1, 2012.  Since that time, the IRS has made several revisions.  A current summary of the IRS’ Streamlined Filing Compliance Procedures is discussed below.

Do I Qualify for the IRS’ Streamlined Filing Compliance Procedures?

To qualify for the IRS’ Streamlined Filing Compliance Procedures (either Domestic or Foreign), taxpayers must meet the following initial requirements:

  1. The taxpayer must be an individual taxpayer or an estate of an individual taxpayer.
  2. The taxpayer must certify in a narrative under penalties of perjury that the conduct was not willful. The relevant conduct requiring certification relates to not only the failure to report income and/or pay tax, but also to submit all required information returns, including FBARs (e., FinCEN Form 114).
  3. The IRS must not have initiated a civil and/or criminal investigation of the taxpayer for any tax year.
  4. The taxpayer must have a valid Taxpayer Identification Number (e., TIN).

For streamlined filings under the IRS’ Domestic procedure, the taxpayer must also meet the following requirements:

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A Summary Of The IRS’ Streamlined Filing Compliance Procedures

A Summary Of The IRS’ Streamlined Filing Compliance Procedures

The IRS’ streamlined filing procedures were first offered by the IRS on September 1, 2012.  Since that time, the IRS has made several revisions.  A current summary of the IRS’ Streamlined Filing Compliance Procedures is discussed below.

Do I Qualify for the IRS’ Streamlined Filing Compliance Procedures?

To qualify for the IRS’ Streamlined Filing Compliance Procedures (either Domestic or Foreign), taxpayers must meet the following initial requirements:

  1. The taxpayer must be an individual taxpayer or an estate of an individual taxpayer.
  2. The taxpayer must certify in a narrative under penalties of perjury that the conduct was not willful. The relevant conduct requiring certification relates to not only the failure to report income and/or pay tax, but also to submit all required information returns, including FBARs (e., FinCEN Form 114).
  3. The IRS must not have initiated a civil and/or criminal investigation of the taxpayer for any tax year.
  4. The taxpayer must have a valid Taxpayer Identification Number (e., TIN).

For streamlined filings under the IRS’ Domestic procedure, the taxpayer must also meet the following requirements:

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What Are The IRS Streamlined Filing Compliance Procedures?

Venar Ayar - IRS Streamlined Filing

Many people may wonder what constitutes the IRS streamlined filing compliance procedures. The IRS streamlined filing compliance procedures are a system of procedures which allows US taxpayers the ability to acknowledge their failure to  report all of their foreign assets, as well as to certify that this failure to report all foreign financial assets, and the associated taxes due, was not due to a willful attempt to deceive the IRS. These procedures are designed to provide eligible taxpayers:

  • An easy, streamlined procedure for the filing of delinquent or amended tax returns.
  • Terms for filing and resolving their amended or delinquent returns, including relevant penalties.
  • Terms for resolving any tax or penalty obligations.
Eligibility For Streamlined Filing Compliance Procedures

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