Streamlined Domestic Offshore Procedures Eligibility | SDOP International Tax Lawyer St Paul MN
Hello and welcome to Sherayzen Law Office video blog. My name is Eugene Sherayzen and I’m an international tax attorney and owner of Sherayzen Law Office, Ltd.
Today, I’m continuing my series of vlogs from Minnesota, more precisely, the capital of Minnesota, St. Paul.
As I have previously said, this series is devoted to offshore voluntary disclosures and today, I would like to discuss the very important subject of streamlined domestic offshore procedures or SDOP eligibility.
As I have previously mentioned, SDOP is one of the major offshore voluntary disclosures options that affect a large number of US taxpayers who wish to bring themselves into full compliance with US international tax laws. The question of eligibility is critical to them.
Let’s dig into the details. First, you must be a US taxpayer which really means US tax resident, either US citizen, Us permanent resident or a person who satisfied the substantial presence test, plus a couple of smaller categories. Second, you must be in violation of US international tax compliance obligations. This is logical, if you’re not in violation of any US international tax compliance obligations why would you do a streamlined domestic offshore procedures? Third, and this is an important one, because this is where a lot of people become ineligible. You must have filed all of the original tax returns included in your offshore voluntary disclosure period. Under the terms of the SDOP, you can only amend a return; you cannot file an original return and fourth, you must be non-willful with respect to all aspects of your US international tax non-compliance. When I say all, I really mean all including US information returns such as FBAR, Form 8938, Form 3520, Form 5471, etcetera and non-reporting of foreign income.
If you would to learn more about Streamlined Domestic Offshore Procedures and how it may benefit you to participate in this offshore voluntary disclosure option, you can call me at (952) 500-8159 or you can email me at [email protected]
Thank you for watching, until the next time.
