New Streamlined Filing Compliance Procedures 2023/2024 Update (SFCP) - Golding and Golding

https://www.irsstreamlinedprocedures.com/streamlined-filing-compliance-procedures-taxpayer-options/

In order to assist non-willful U.S. Taxpayers with undisclosed offshore accounts, assets, investments, and/or income who missed timely FBAR and FATCA — the IRS developed various Tax Amnesty Programs. When a non-willful U.S. Person owns offshore accounts, assets, investments, and income, they may be eligible to apply to the streamlined program. The Streamlined Filing Compliance Procedures are one of the more popular offshore amnesty programs — due to the reduced Title 26 Miscellaneous Offshore Penalty and “streamlined” filing requirements for prior year noncompliance. The Internal Revenue Service introduced the “stand-alone” Streamlined Filing Compliance Procedures in 2014. This was around the time foreign countries began entering into FATCA agreements (Foreign Account Tax Compliance Act) with the United States. As a result of the introduction of FATCA — along with enhanced FBAR compliance initiatives — the IRS increased enforcement of offshore reporting. This also led to a surge in internal reporting penalties for noncompliance. The IRS Streamlined Procedures are a form of international tax amnesty to safely assist Taxpayers before the IRS finds (and penalizes) them first. Under the Streamlined program, the offshore penalties for unpaid taxes are forgiven, and the applicant is either subject to a 5% Title 26 Miscellaneous Offshore Penalty (Domestic Streamlined) or a penalty waiver (Foreign Streamlined). With the Internal Revenue Service taking an aggressive approach to foreign accounts compliance and unreported foreign income, compliance is crucial to avoid Offshore Penalties — and the Streamlined Filing Compliance Procedures can be an effective approach for Taxpayers Worldwide. Our Board-Certified Tax Specialist Tax and Legal Team explains how the IRS Streamlined Procedures work:

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