Streamlined Foreign Offshore Procedures

Streamlined Foreign Offshore Procedures

Streamlined Foreign Offshore Procedures are an amnesty program which is offered by the IRS. There are specific requirements a taxpayer must meet in order to qualify to use the SFOP:

  • The taxpayer must certify that the failure to file required forms was non-willful (i.e. unintentional).
  • Meet the applicable non-residency requirement described below (for joint return filers, both spouses must meet the applicable non-residency requirement described below). Individual U.S. citizens or lawful permanent residents, or estates of U.S. citizens or lawful permanent residents, meet the applicable non-residency requirement if, in any one or more of the most recent three years for which the U.S. tax return due date (or properly applied for extended due date) has passed, the individual did not have a U.S. abode and the individual was physically outside the United States for at least 330 full days. Under IRC section 911 and its regulations, which apply for purposes of these procedures, neither temporary presence of the individual in the United States nor maintenance of a dwelling in the United States by an individual necessarily mean that the individual’s abode is in the United States.
  • Have failed to report the income from a foreign financial asset and pay tax as required by U.S. law, and may have failed to file an FBAR (FinCEN Form 114, previously Form TD F 90-22.1) with respect to a foreign financial account.

Under this program you file only past three years delinquent federal tax returns, complete and sign a statement on the Certification by U.S. Person Residing Outside of the U.S for Streamlined Foreign Offshore Procedures. You should also file past six year foreign bank accounts report (FBAR) forms.

Our trusted team members have many years of experience in this complex area of taxation law, and we’re committed to guiding each and every individual through IRS Streamlined Foreign Offshore Procedures with clarity and confidence.

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