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Streamlined Procedure: Amnesty to get back up to date

A US citizen is required to file yearly tax returns with the IRS if they hold US citizenship, even if they have no US source income and/or live overseas. Many US citizens living outside the US may not realise that they are still required to file a US tax return

To help US taxpayers to comply with their tax reporting requirements, the IRS introduced the Streamlined Filing Procedure to help people get back on track. At Warrener Stewart our US tax team can help you become compliant with your US filing by completing the IRS Streamlined Procedure.

Do I qualify for the Streamlined Filing Procedure?        
To be able to comply for the Streamlined Offshore Procedure a US taxpayer must meet the following non-residency requirement –

  • In any one or more of the 3 years in question taxpayers must not have had a US abode
  • They must have been physically outside the United States for at least 330 full days

When to File the Streamlined Filing Procedure:
A streamlined filing must be completed and filed at the earliest possible opportunity. If you would like us to assist you with your filing obligations, you can call us on 020 7731 6163 or use the form below.

What to Report under the Streamlined Filing Procedure

One of our qualified US tax managers will help you start the Streamlined process by completing and filing Form 14563. This ‘Certification by U.S. Person Residing Outside of the United States for Streamlined Foreign Offshore Procedures’ confirms the reason for the delinquent filing and confirms which returns they have filed under the streamlined filing. 

As part of the Streamline process you are required to provide the following:

  • Three years’ worth of delinquent or amended income tax returns,
  • All required information returns (e.g. Forms 3520, 5471, 8621 and 8938)
  • Six years’ worth of Foreign Bank and Financial Account Reporting (‘FBAR’, FinCEN Form 114), if required

Penalties Waiver under the Streamlined Filing Procedure: 

If the taxpayer is eligible and fully complies with the process, then they would not be subject to any penalties on non-compliance for the three years filed under the Streamlined Procedure.

It is worth noting that once the Streamline Procedure has been accepted by the IRS, taxpayers are required to file annually in a timely manner, since subsequent years are not covered by this protection.

To see if you qualify for the IRS Streamlined procedure please do not hesitate to contact us so we can offer personalised advice based on your individual situation.  If you have any further questions regarding your filing obligations in relation to the Streamlined Process, please call us on 020 7731 6163 or complete the form below and one of advisors can contact you.

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