STREAMLINED FOREIGN OFFSHORE PROCEDURES
What are Streamlined Foreign Offshore Procedures?
Streamlined Foreign Offshore Procedures (SFOP) is an IRS offshore voluntary disclosure option; the current version of SFOP was created by the IRS on June 18, 2014. This is one of the main voluntary disclosure options for US tax residents who reside overseas and need to bring themselves into compliance with their US international tax obligations concerning their foreign income and foreign assets, including failure to file accurate information returns such as FBAR, Form 8938, Form 5471, Form 8621, Form 3520, Form 926 and other related US international tax forms.
Who can Use Streamlined Foreign Offshore Procedures?
The Procedures is a voluntary disclosure option open to all US taxpayers who can meet the SFOP eligibility requirements.
What are the Advantages of Streamlined Foreign Offshore Procedures?
SFOP is basically a tax amnesty program. SFOP allows noncompliant non-willful US taxpayers who meet the SFOP eligibility requirements to bring their US tax affairs into full compliance through a simplified compliance procedure, pretty much eliminates possibility of a criminal prosecution (unless the SFOP filing is misused and contains a false Certification of Non-Willfulness) and avoids all income and information return tax penalties.
What are the Main Eligibility Requirements of the Streamlined Foreign Offshore Procedures?
In order to take advantage of the Procedures, US taxpayers must meet three main eligibility requirements – foreign residency, non-willfulness and absence of IRS examination/investigation. Ask Sherayzen Law Office to determine whether you are eligible to participate in SFOP.
Who Can Help Me Understand, Prepare and File My Voluntary Disclosure Using Streamlined Foreign Offshore Procedures?
You should contact the experienced international tax firm of Sherayzen Law Office. International tax attorney Eugene Sherayzen and his team will help help you understand SFOP, evaluate whether you meet the SFOP eligibility requirements, prepare and file all of the legal and tax documents required under SFOP, and defend your voluntary disclosure position(s) against the IRS in case of a subsequent audit.