IRS Amnesty for Expats: International Tax Compliance Programs

IRS Amnesty for Expats: International Tax Compliance Programs

International Tax Compliance Programs

IRS Amnesty for Expats: The IRS has developed various international tax compliance programs for expats across the globe. When U.S. Expatriates that are still considered U.S. Citizens or U.S. Persons, they still have a U.S. tax return filing requirement – despite living outside of the United States.

In other words, simply relocating overseas and taking residence in a foreign country does not automatically negate or eliminate the responsibility for a U.S. Expat to file a US tax return, FBAR, FATCA Form 8938, etc.

With that said, there are various IRS Amnesty options available to individuals who reside overseas and want to get back into compliance with the IRS (or into compliance for the first time).

The Streamlined Program for Non-U.S. Residents is a great program for non-willful applicants.

Streamlined Foreign Offshore Procedures (SFOP)

For a majority of expats that can meet the foreign residents rule and show they are non-willful – they will qualify for the best offshore amnesty program at all, which is called Streamlined Foreign Offshore Procedures (aka SFOP).

It is a subcategory of the Streamlined Filing Compliance Procedures (SFCP) and unlike the traditional OVDP, or its counterpart the Streamlined Domestic Offshore Procedures — if a person qualifies and they will receive a complete penalty waiver.

In addition, many individuals will also qualify for the Foreign Earned Income Exclusion in addition to or alternatively the foreign tax credit (whether or not a person can combine both the credit and exclusion is determined by the amount of taxes they paid and how much income they have).

Oftentimes, a person will have no tax liability along with no penalty if they qualify as a foreign resident and are non-willful.

In addition, and unlike the streamlined domestic program the individual need not have filed tax returns previously.

Golding & Golding: About Our International Tax Law Firm

Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure

We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe. Our attorneys have worked with thousands of clients on offshore disclosure matters, including FATCA & FBAR.

Each case is led by a Board-Certified Tax Law Specialist with 20 years of experience, and the entire matter (tax and legal) is handled by our team, in-house.

*Please beware of copycat tax and law firms misleading the public about their credentials and experience.

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 Offshore Counsel?

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

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

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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