IRS Streamlined Foreign Offshore Procedures | |
The IRS Streamlined Foreign Offshore Procedures is a program offered by the United States Internal Revenue Service (IRS) to allow eligible U.S. taxpayers residing outside the U.S. to come into compliance with their U.S. tax obligations for previously unreported foreign financial assets and income. The program is designed to help taxpayers who were non-willful in their failure to report these assets and income. Key points about the IRS Streamlined Foreign Offshore Procedures include: Eligibility: To qualify for the Streamlined Foreign Offshore Procedures, taxpayers must meet specific eligibility criteria, such as being non-resident U.S. citizens or green card holders and having failed to report income from foreign financial assets on prior tax returns. Tax Compliance: Under this program, eligible taxpayers are required to file amended tax returns for the past three years, including all necessary informational forms such as FBAR (Foreign Bank Account Report) and FATCA (Foreign Account Tax Compliance Act) reporting forms. Certification of Non-willfulness: Taxpayers must submit a certification statement declaring that their previous non-compliance was non-willful, meaning that the failure to report foreign financial assets and income was not intentional or due to fraudulent activity. for more information please visit - https://www.maroofhs.com/post/irs-streamlined-foreign-offshore-procedures-toronto-canada/ Address Maroof HS CPA Professional Corporation https://www.maroofhs.com/ 4102-85 Queens Wharf Rd, Toronto, ON M5V 0J9 Canada | |
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Target Prov.: Ontario Target City : Toronto Last Update : Jul 20, 2023 12:38 AM Number of Views: 32 | Item Owner : Maroof Contact Email: Contact Phone: (647)724-4308 |
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