Offshore Streamlined Filing

Are you behind on your tax filings? Did you stop filing your taxes ever since you moved out of the US? This is a common problem and one that can be still be remedied.

Generally if you fail to file your taxes you can be liable for unpaid taxes and penalties. However if you fail to file an annual bank report (FBAR), this can trigger additional punitive fines. For each report not filed there is a $10,000 fine plus the IRS can confiscate up to 50% of the highest value in your bank account. If, for example, you had one year $100,000 Eur. In your account, the IRS could fine you 50,000 Eur in addition to another $10,000 failure to file penalty!

Depending on the circumstances, you might be able to gain relief from penalties. This process is called the Offshore Streamlined Filing. You can file 3 years of tax returns and 6 years of bank reports and avoid having to pay any penalties.

If you are in this dilemma, please contact us and we can consult with you to mitigate your liability to the IRS

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