The Streamlined Filing Procedure is a tax amnesty scheme introduced by the IRS to help taxpayers get in line with their filing obligations. The Certification by US Person Residing outside of the United States for Streamlined Foreign Offshore Procedures, otherwise known as the Form 14653, is a requirement to anyone filing under the Streamlined Filing Procedure. The form is used to certify that your tax delinquency was non-wilful. The Streamlined Filing Procedure is only available to those who have not wilfully been behind on their tax filing obligations.
In 2016 there were a number of changes that were made to the 14653 Form. Therefore, if you filed using the original version of the form, the IRS may request you to re-file with the new form.
Narrative Statement of Facts
Within Form 14653, there is a “Narrative Statement of Facts” section. This is used to declare the facts that led to the failure to be in line with tax filing obligations. Within the statement you should list:
· Specific reasons for past failure
· Explanation of the source of funds in your foreign financial accounts
· Explanation of your contacts with the account
· Complete disclosure surrounding any foreign financial accounts
· Contact information about the tax professional with whom you worked
· Detailed information showing that you’ve spent more than 330 days outside the US for the last three years if filing as a non-resident
· If married taxpayers submitting the form jointly have different reasons for the delinquency, they must list their individual reasons separately in the statement of facts