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The Tax Report

Streamlined Filing Compliance Procedures for Delinquent US Returns

March 12th, 2018

Dual Citizens of the US and another country may never have filed US returns if they have lived overseas since they were small children.  They may have foreign income and bank and financial accounts that were never disclosed to US authorities. Fear of unfavorable consequences causes inaction by taxpayers.  The new streamlined disclosure procedure may help.

Those individuals desiring to become compliant with their US tax return filing requirements may consider using the “Steamlined Foreign Offshore” procedure. The latest delinquent US Form 1040 (or 1040NR if treaty) must be filed along with six years of delinquent TDF 90-22.1 (now FinCen). Returns that are not past due should be filed using the normal procedure.

The streamlined foreign offshore procedures are outlined at the above website.

Other non-filers may use this procedure.

Please consult with your US tax attorney or US CPA or other qualified US tax professional before using this procedure.

Ask your US tax professional whether you should use the OVDP program, which may also protect you from criminal penalties, as opposed to the streamlined procedure, which is meant to protect from civil penalties.

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