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Tag Archive for Streamlined Foreign Offshore Procedures

Getting To Know The Streamlined Foreign Offshore Procedures

United States taxpayers seeking to use the streamlined foreign offshore procedures must satisfy the following requirements:

(1) The applicable non-residency requirement (for joint return filers, both spouses must satisfy the non-residency requirement); and

(2) Have failed to file an FBAR with respect to a foreign financial account; and

(3) The failure to file an FBAR must have resulted from non-willful conduct. Non-willful conduct is conduct that is due to negligence, inadvertence, or mistake or conduct that is the result of a good faith misunderstanding of the requirements of the law. Read more