Streamlined Filing Compliance Procedures: When a person has undisclosed foreign accounts, assets, investment and/or income and has not previously disclosed to the IRS, they may qualify for the Streamlined Filing Compliance Procedures (SFCP).
Under these procedures, a person may qualify for a reduced 5% title 26 miscellaneous offshore penalty — or even a penalty waiver.
SFCP is also referred to as:
- Streamlined Procedures
- Streamlined Procedure
- Streamlined Offshore Procedures
- Streamlined Voluntary Disclosure
- Streamlined Disclosure
- Offshore Streamlined Filing
- IRS Streamlined Filing