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Tag: Streamlined Offshore Procedures

What is the IRS Streamlined Program?

SFOP vs SDOP

  U.S. law requires that all taxpayers pay taxes on any foreign income or assets they have. This extends to anyone who is required to file taxes in the United States; it is not limited to U.S. citizens. Many people are not aware of this and subsequently fail to file and pay taxes on their… Read more »

How Much Will the Streamlined Procedures Penalty Cost?

The miscellaneous offshore penalty under the Streamlined Procedures is five percent of the highest aggregate account balance during the disclosure period. A number of factors can influence exactly how this penalty will be calculated in your case.

What’s Required to Use the Streamlined Compliance Procedures?

unreported offshore accounts

  The Streamlined Procedures offer a cost-effective method of disclosing unreported offshore accounts for many taxpayers. The penalties are generally much lower than those required under the Offshore Disclosure Program, but there are several requirements a taxpayer must meet to qualify for the Streamlined Procedures.

US Citizen with Foreign Life Insurance? Better Call Tax Ghostbusters

As a US tax lawyer, I see ghosts. Poltergeists, actually – the ghosts who cause real damage. The poltergeists are certain types of foreign financial assets which are perfectly normal outside the US. But they wander the separate dimension of US tax regulations and haunt the US citizens who brought them to life. Some of… Read more »