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The non-residency requirement of the Streamlined Foreign Offshore Procedure essentially means taxpayer must be a Foreign Resident. The status of the foreign resident depends upon whether the taxpayer is a U.S. citizen or Green Card Holder or whether the taxpayer is a non-U.S. citizen.
Coordination between streamlined procedures and OVDP, which closed on September 28, 2018. Once a taxpayer makes a submission under either the Streamlined Foreign Offshore Procedures or the Streamlined Domestic Offshore Procedures, the taxpayer may not participate in OVDP.
Form 14653 Instructions On the certification statement, include the specific years for which you are filing, the amount of tax owed for each year, and any interest due. Its important to note that you do not report your foreign income on this statement, but rather the tax and interest owed.
The Streamlined Domestic Offshore Procedures provide that foreign financial assets subject to the 5-percent penalty include assets that should have been, but were not, reported on Form 8938.
What Does it Cost? Our headline IRS Streamlined Procedure package of $1500 includes 3 tax returns, as required. If you have to file FBARs (required for any of the past 6 years when you had over $10,000 in foreign accounts), this service has you covered! Our flat-pricing model includes up to 6 FBARs.
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Form 14654: The IRS Form 14654 is the Certification by U.S. Person Residing in the U.S. The Form is part of the IRS Streamlined Domestic Offshore Procedures. The Form has many traps and pitfalls and requires the U.S. person to submit a non-willful statement under penalty of perjury.