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Streamlined Foreign Offshore Procedures





 

In the summer of 2014 the IRS introduced a new procedure the Streamlined Foreign Offshore Procedures - this allows US taxpayers who are a low compliance risks, to get current with their tax and FBAR requirements without facing penalties or additional enforcement action. To qualify, failure to file US tax returns and FBARs would have to have been non-willful, and the taxpayer would have had to have lived abroad during at least one of the most recent three overdue tax years. The updated program introduced a similar new program for Americans living in the US known as the Streamlined Domestic Offshore Procedures, as well as updating the existing Overseas Voluntary Disclosure Program (OVDP) for more complex and serious cases income.