Are the Streamlined Offshore Procedures Closing Soon?

Are the Streamlined Offshore Procedures Closing Soon?

When Are the Streamlined Filing Procedures Ending? The Streamlined Filing Offshore Procedures may be closing soon. The IRS developed the streamlined program to assist taxpayers with foreign accounts compliance. The Streamlined Filing Compliance Procedures are used by non-willful taxpayers who have previous year unreported offshore accounts, assets, and investments.

The aggressive enforcement of offshore account and asset reporting is on the rise, and U.S. account holders are more susceptible to offshore penalties now than ever before. While it may appear that the IRS is bluffing, they previously made good on their promise to end OVDP. That program ended in 2018, and although the IRS also expanded the traditional voluntary disclosure – for some applicants, OVDP would have been a better deal. 

When Are the Streamlined Filing Procedures Ending?

A common question we receive at Golding & Golding is, “When Are the Streamlined Filing Offshore Procedures Ending?”  At a recent tax conference, the IRS stated that the streamlined procedures would be ending. While the speaker did not identify a specific closing date, it is important to note that this is the same pattern as to what happened before the IRS closed OVDP.

As we head into the new year, since the Internal Revenue Service is aggressively enforcing foreign account compliance, it is important for taxpayers to understand the options, and the state of the streamlined program.

Will the IRS Give Notice Prior to Closing Streamlined?

There is no knowing for sure how much notice the Internal Revenue Service will provide to taxpayers. Presumably, the IRS will provide six months notice. As with prior OVDP, that six months does not mean you can submit a placeholder right before the deadline – rather, it means your application must be ready to go by the final due date.

Golding & Golding (Board-Certified Tax Law Specialist)

We specialize exclusively in international tax, and specifically IRS offshore disclosure.

We have successfully represented clients in more than 1,000 streamlined and voluntary offshore disclosure submissions nationwide and in over 70-different countries. We have represented thousands of individuals and businesses with international tax problems.

We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.

We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants and Financial Professionals worldwide.

Less than 1% of Tax Attorneys Nationwide Are Certified Specialists

Sean M. Golding is one of less than 350 Attorneys (out of more than 200,000 practicing California Attorneys) to earn the Certified Tax Law Specialist credential. The credential is awarded to less than 1% of Attorneys.

Recent Golding & Golding Case Highlights

  • We represented a client in an 8-figure disclosure that spanned 7 countries.
  • We represented a high-net-worth client to facilitate a complex expatriation with offshore disclosure.
  • We represented an overseas family with bringing multiple businesses & personal investments into U.S. tax and offshore compliance.
  • We took over a case from a small firm that unsuccessfully submitted multiple clients to IRS Offshore Disclosure.
  • We successfully completed several recent disclosures for clients with assets ranging from $50,000 – $7,000,000+.
How to Hire Experienced Streamlined Counsel?

How to Hire Experienced Streamlined Counsel?

How to Hire Experienced Offshore Counsel?

Generally, experienced attorneys in this field will have the following credentials/experience:

  • Board Certified Tax Law Specialist credential
  • Master’s of Tax Law (LL.M.)
  • Dually Licensed as an EA (Enrolled Agent) or CPA
  • 20-years experience as a practicing attorney
  • Extensive litigation, high-stakes audit and trial experience

Interested in Learning More about Golding & Golding?

No matter where in the world you reside, our international tax team can get you IRS offshore compliant. 

Golding & Golding specializes in FBAR and FATCA. Contact our firm today for assistance with getting compliant.

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