Streamline Filling
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U.S. individuals with foreign income and assets must stay informed on the various international reporting rules. These rules are complex and often neglected because of their complexity. Even if you have never set foot in the U.S. but were born to a U.S. citizen you may have a filing and reporting requirement. Also, U.S. resident aliens living or working in the U.S. have complex filing requirements.
For taxpayers who have undisclosed foreign financial assets and/or income, the IRS provides several options to remedy previous failure to comply with US tax and information reporting obligations. These options include:
Offshore voluntary disclosure program
Streamlined domestic offshore program
Streamlined foreign offshore program
Delinquent international information return submission procedures
Delinquent FBAR submission procedures
We can help you determine the correct U.S. reporting requirements for each Individual and report the income properly.
Frequently Asked Questions.
It’s an IRS program that lets U.S. taxpayers who failed to report foreign income or file required foreign account disclosures (like the FBAR) come back into compliance, often with reduced or waived penalties — but only if the failure to file was non-willful.
No. It applies to two groups: U.S. residents (including here in Texas) who didn’t know they had to report foreign bank accounts or foreign income, and U.S. citizens or green card holders living overseas who fell behind on filing. We work with both.
Generally, it means the failure to file was due to a genuine misunderstanding of the requirements — not an intentional effort to hide income or assets. We review your specific facts carefully before recommending this path, since eligibility depends on it.
Typically three years of amended or delinquent tax returns and six years of FBARs, along with a required certification explaining the non-willful conduct. The exact scope depends on which version of the program applies to your situation.
Once the IRS identifies the issue on its own, you generally lose eligibility for the reduced-penalty Streamlined Program, and penalties for undisclosed foreign accounts can be severe. Addressing it proactively is almost always the better financial outcome.