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Tag: SFOP

Do You Qualify for the Streamlined Filing Compliance Procedures?

If you are a US  citizen or resident alien with undeclared or misreported non-US financial assets, the Streamlined Filing Compliance Procedures (SFCP) are your best way to come forward and get compliant – if you qualify. This article explains how to know if you’re eligible. The underlying cause of your problem is that you have… Read more »

Six Guidelines to Writing an SDOP / SFOP Statement of Facts that Will Be Accepted by the IRS

Don’t Be Turned Down for Streamlined Procedures When Trying to Resolve FBAR Reporting Problems If you are thinking about enrolling in the Streamlined Domestic Offshore Procedures (SDOP) or Streamlined Foreign Offshore Procedures (SFOP) in order to resolve delinquent or unresolved FBAR reporting, you will need to be ready to write your “complete story.” That’s because… Read more »

Panama Papers: A Foreign Asset Disclosure Wakeup Call

The Panama Papers are a collection of documents that were leaked (which essentially means stolen) from Mossack Fonseca, a Panamanian law firm, in 2015 and hit the mainstream media in early 2016. The documents contained information about the offshore assets of a number of wealthy (and sometimes famous) account holders, and the press has mostly… Read more »

New IRS FAQs for OVDP, SFOP and SDOP

New Rules for How to Establish Non-Willfulness for Streamline Program and Other FAQ Updates The most recent updates to the FAQs for the Streamlined Foreign Offshore Procedures (SFOP) and Streamlined Domestic Offshore Procedures (SDOP) have all the trappings of a celebrity scandal, but in fact they serve a far more practical purpose. We’ll get there in… Read more »