A straightforward breakdown on Catching up with US taxes
In finding this article you are most probably faced with the daunting task of catching up with your US taxes. With the complex and long arm of the US tax system, it is all too easy to not realise you are obligated to file or fall behind. This article breaks down the basics of catching up with your US taxes.
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The IRS has recognized the worldwide issue of delinquent tax filers. As a result, the IRS launched FATCA, which forces individuals to report their foreign assets if they exceed a set threshold. Alongside FACTA, amnesty programmers such as OVDP (no longer available) and the Streamlined Filing Procedure.
Currently, the most option route filers will take in catching up with US taxes is the Streamlined Filing Procedure. The Streamlined Filing Procedure was introduced to help innocent tax filers become compliant with their US taxes.
What does the Streamlined Filing Procedure typically include?
· Filing the last 3 years if Federal Tax Returns
· Filing the last 6 year of FBARs (Foreign Bank Account Report)
· A statement on the reasoning for your delayed filing, clarifying that the delinquency is non-willful