Getting you back on track

For many US citizens abroad, especially dual nationals who’ve never lived in the US, it can come as a shock: no matter where you live, even with no US income and earnings below the foreign income threshold, you still must file an annual Form 1040 US tax return.

Streamlined and stress-free

To help, the IRS introduced the Streamlined Filing Procedure, designed for US citizens to catch-up with their tax reporting. The procedure offers a path to resolve past non-compliance and avoid or reduce penalties for taxpayers whose failure to comply was unintentional.

For some, the reality comes when their bank requests information about their US citizenship for FATCA compliance. Understandably stressful. Our experts guide you every step of the way and get you back on track.

Step-by-step guidance

The Streamlined Filing Procedure covers your three most recent non-compliant years. However, you will almost certainly need to submit six years’ worth of foreign bank account reports.

To qualify, and to complete the process, you must:

• Not have had a US abode in one or more of the three years in question
• Be physically outside the US for at least 330 days in those years
• Declare your reasons for delinquent filing (Form 14563)
• Submit three years of delinquent or amended returns
• Include all required information returns (Forms 3520, 5471, 8621, 8938)
• File six years of FBARs (FinCEN form 114), if required

Avoiding penalties, made possible

If you’re eligible and fully comply, the IRS will waive penalties on the three years filed. However, once accepted, you must continue filing annually on time, as future years aren’t covered by the procedure.

Act now for peace of mind

The sooner you act, the better. And remember: the procedure exists because the IRS recognises how easy it is to be unaware of your obligations. Our experts are here to help. Call us today, and we’ll put things right with clarity and care.