U.S. Streamlined Filing Compliance Procedures
The U.S. IRS Streamlined Filing Compliance Procedures (SFCP) are available to taxpayers certifying that their failure to report foreign financial assets accounts (FBAR & FATCA) and pay all tax due in respect of those assets accounts did not result from willful conduct on their part. The taxpayers who are eligible for and use the SFCP may reduce penalties completely or substantially.
• Streamlined Foreign Offshore Procedures (SFOP): Reduce penalties completely
• Streamlined Domestic Offshore Procedures (SDOP): Reduce penalties substantially (50%→5%)
U.S. Delinquent FBAR Submission Procedures
The U.S. IRS Delinquent FBAR Submission Procedures (D-FBAR) are available to taxpayers who do not need to use the Streamlined Filing Compliance Procedures (SFCP), but who have not filed a required report of FBARs. The IRS will not impose a penalty for the failure to file the delinquent FBARs for the taxpayers.
U.S. Delinquent International Information Return Submission Procedures
The U.S. IRS Delinquent International Information Return Submission Procedures (DIIRSP) are available to taxpayers who do not need to use the Streamlined Filing Compliance Procedures (SFCP), but who have not filed one or more required international information returns. The IRS will not impose a penalty for the failure to file the international information returns for the taxpayers.
• Applicable International Information Return: IRS Form 3520, 3520-A, 5471, 5472, 926, 8865, 8621, 8891, etc.
U.S. Multistate Voluntary Disclosure Program
The U.S. Multistate Voluntary Disclosure Program (MVDP) provides a way for a taxpayer with potential tax liability in multiple states to negotiate a settlement, using a uniform procedure coordinated through the National Nexus Program (NNP) staff of the Multistate Tax Commission (MTC). The program may waive almost all the state penalties of the taxpayer.
• MVDP Participating States: Click Here