AUSTIN, TX / ACCESSWIRE / May 10, 2024 / Expat Tax Online announces extensive support for US citizens living abroad participating in the IRS Streamlined Foreign Offshore Procedure, also known as the Streamlined Tax Amnesty program. This initiative from the IRS helps US taxpayers away from the United States to correct their past tax filing oversights without experiencing the associated penalties.
The Streamlined Foreign Offshore Procedure aims to assist US taxpayers residing outside the United States, including accidental Americans who may not be aware of their tax obligations. Some of the eligibility criteria include having foreign bank accounts, such as those in the country of residence, and a non-wilful failure to file US taxes. Participants must also file the last three years of tax returns and six years of FBARs (Foreign Bank and Financial Accounts Reports), along with an offshore certification form.
Expat Tax Online provides a detailed guide to the Streamlined Foreign Offshore Procedure, which includes document collection, certification of non-willfulness, and professional assistance for form completion and submission. The process involves compiling necessary documentation for the past three years of US tax returns and six years of FBARs; filling out the required certification; and submitting tax returns to the IRS with original signatures. Among these, FBARs are submitted online.
In general, the Streamlined Tax Amnesty program offers a primary advantage of exemption from penalties typically associated with late filings and payments of taxes and FBARs. However, eligibility for these benefits depends strictly on meeting all of the program's requirements accurately.
Additionally, if participants are feeling overwhelmed, Expat Tax Online addresses common concerns about the complexity of the Streamlined Foreign Offshore Procedure. Professional assistance ensures accurate documentation and compliance with IRS requirements.
US expats who are interested in the Streamlined Foreign Offshore Procedure are encouraged to contact Expat Tax Online for a consultation. For more information, visit expattaxonline.com.
About Expat Tax Online
Expat Tax Online provides tax services for US citizens living abroad. The company offers comprehensive solutions to help clients navigate the complexities of US tax laws and achieve compliance with the IRS.
Media Contact:
Expat Tax Online
+1 (737) 204 3982
hello@expattaxonline.com
https://www.expattaxonline.com/
5900 Balcones Drive, Ste 5037
Austin, TX 78731
United States of America
SOURCE: Expat Tax Online
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