The Streamlined Procedures offer a cost-effective method of disclosing unreported offshore accounts for many taxpayers. The penalties are generally much lower than those required under the Offshore Disclosure Program, but there are several requirements a taxpayer must meet to qualify for the Streamlined Procedures.

You Must Have Filed Your Last Three Tax Returns

Unfiled tax returns can disqualify you from using the Streamlined Procedures. If required to file, you must have filed a return for each of the past three years.

Unfiled tax returns can also cause many other problems with the IRS. If you haven’t filed your returns, you may need to talk to a tax attorney about your options.

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