I am a U.S. citizen and reside in Canada. I have filed U.S. returns annually, however I may have omitted some income or computed income incorrectly and omitted one or more international information returns. Can I rectify the issues with the streamlined program?
Answer
The Streamlined Foreign Offshore Procedure (“SFOP”) is extended to amended returns for the 3 year period. The amended return feature is important as filing omissions such as the failure to include items in income or file various international information returns can come now under SFOP without having to demonstrate a reasonable cause defense. The 2012 program did not have the amended return(s) feature. It is also extended to those who previously filed as a “quiet disclosure” outside of any program. Read More
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