Unfiled Taxes & Streamlined Domestic Offshore Disqualification - Golding & Golding, Board-Certified Tax Specialist

Unfiled Taxes & Streamlined Domestic Offshore Disqualification – Golding & Golding, Board-Certified Tax Specialist

Unfiled Taxes & Streamlined Domestic Offshore Disqualification

Individuals who are noncompliant with IRS for their offshore reporting of their foreign accounts, assets, investments, and/or income may consider IRS Streamlined Domestic Offshore Procedures (SDOP).

Unfiled Taxes & Streamlined Domestic Offshore Disqualification

The streamlined domestic procedures are great alternative to the voluntary disclosure (VDP) in some but not all cases — since the revised voluntary disclosure penaklty will greatly benefit many categories of taxpayers.

What happens if you’re disqualified from the streamlined domestic offshore procedures?

IRS Streamlined Domestic Offshore Attorney (Golding & Golding, Board-Certified Tax Law Specialist)

Golding & Golding represents clients worldwide in over 70-countries exclusively in Streamlined, Offshore and IRS Voluntary Disclosure matters. We have successfully completed more than 1,000 streamlined and voluntary disclosure submissions.

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

Eligibility for IRS Streamlined Domestic Offshore 

The basic eligibility requirements are relatively simple:

  • Having filed original tax returns timely
  • Non-Willfulness
  • Not qualify as a foreign resident

Why would someone who is non-willful ne disqualified from the streamlined domestic offshore procedures?

Disqualification from Streamlined Domestic Offshore for Untimely Original Tax Returns 

Generally, a person will be disqualified from the Streamline Domestic Offshore Procedures in a situation in which they have not timely filed original tax returns (in a year that a tax return was required to be filed). In other words, the purpose of SDOP is to allow individuals who believed they were tax to get into compliance by amending their previously filed returns in order to Report foreign money.

But, if a person has not filed tax returns (but was otherwise required to) they’re no longer eligible for the program, since they could not have believed they were in compliance (at least according to the IRS).

Can’t I Just File Them All the Tax Returns Together, Before Submitting to SDOP?

No. Why? Because this is not considered timely.

In other words, if for example, Jane decided she wanted to enter the streamlined domestic offshore procedures in 2019, but did not file prior year tax returns timely (that fall within the compliance period, in a year it was required) — she is not eligible for the program.

What if I am a Foreign Resident?

If a person is a foreign resident, then they may qualify for the Streamlined Foreign Offshore Procedures (SFOP). Under SFOP a person may qualify for the streamlined process, even if they have not filed original tax returns.

In other words, a person may file original tax returns under the Streamline Foreign Offshore Procedures.

What if I Am Non-Willful?

If you are not “non-willful” then, do not qualify for the Streamline Domestic Offshore Procedures.

If you do not want to submit to the traditional voluntary disclosure program, there are still safe viable options which can get you into compliance.

Please, do not submit a quiet disclosure since that is illegal and may result in both civil and criminal fines and penalties – Including prosecution.

Also, beware of inexperienced attorney who will still submit you streamlined, when you were willful (Case-Study Example).

IRS Streamlined Domestic Offshore (Free Resources)

Golding & Golding (Board Ceritfied Specialist in Tax Law)

Golding & Golding (Board Certified Specialist in Tax Law)

Speak with Experienced Streamlined Domestic Offshore Counsel

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

Golding & Golding specializes in Streamlined Domestic Offshore Procedures. Contact our firm today for assistance with getting compliant.