FATCA Streamlined Procedure (U.S. & Non-U.S. Residents)
FATCA Streamlined Procedure: The FATCA Streamlined Procedures are great way for individuals, trusts and estates to resolve foreign account and tax compliance issues. These IRS procedures are designed to facilitate the filing of past obligations. This may include filing original tax returns, amended tax returns, delinquent FBARs, and unfiled (or late) international information returns. By properly submitting to FATCA Streamlined Procedures, a filer will effectively limit (or even avoid) penalties.
IRS FATCA Streamlined Program
FATCA Streamlined Procedure: This program can be broken down further into two programs, and eligibility as determined by whether they applicant is a US resident or non-U.S. resident (in addition to other threshold requirements).
The Streamlined Foreign Offshore Procedures are for individuals who were non-willful and meet the Foreign Residence requirement. If you are a U.S. citizen or Legal Permanent Resident, then you must have lived outside of the United States in one of the last three tax years (not all three tax years) for at least 330 days.
You could have lived in multiple different countries during the 330-days and still qualify. In other words, the requirement is that you are outside of the United States for at least 330 days – not necessarily in any one particular country.
If you meet the Foreign Residence requirements, then you are still required to amend your U.S. tax returns (or file original returns) for the last three (3) years and report your foreign account information for the last six (6) years – but all penalties are waived and you generally receive a Foreign Tax Credit for any foreign taxes due.
Therefore, under the Streamlined Foreign Program, depending on your circumstances, you may have ZERO tax and ZERO penalty due.
*If you were only subject to U.S. tax because you were on a Visa and met the Substantial Presence Test, other rules apply.
If you do not meet the foreign residence requirement under the Streamlined Foreign Offshore Procedures, you may qualify for the Streamlined Domestic Program. All the other requirements are essentially the same, except instead of receiving a penalty waiver, you must pay a small 5% penalty.
The 5% penalty is calculated by totaling the year-end value of your unreported foreign accounts and other specified assets for each year in your six-year compliance period. You then select the highest year’s year-end balance (not each year) and multiply it by 5% to get the penalty amount.
Our Process is Simple & Completely Confidential
When you are ready to discuss the specifics of your case, visit our contact us page or directly through email at email@example.com to schedule a Reduced Fee Telephone Consultation with an experienced IRS Offshore Voluntary Disclosure Lawyer.
We offer consultations in 30-minute, 60-minute, and 90-minute increments.
About Golding & Golding Tax Attorneys (Board-Certified)
We have successfully represented clients in more than 1,000 streamlined and voluntary offshore disclosure submissions nationwide and in over 75-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.
- Learn more about the Board-Certified Tax Lawyer Specialist credential
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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+.
Beware of Copycat Law Firms
Don’t be misled by copycat law and tax firms.
Unlike other attorneys who call themselves specialists or experts in Voluntary Disclosure but are not “Board-Certified,” handle multiple different areas of tax law — and even practice outside of tax — we are absolutely dedicated to Offshore Voluntary Disclosure.
Sean holds a Master's in Tax Law from one of the top Tax LL.M. programs in the country at the University of Denver. He has also earned the prestigious IRS Enrolled Agent credential. Mr. Golding's articles have been referenced in such publications as the Washington Post, Forbes, Nolo, and various Law Journals nationwide.