04/07/2025
So, you’ve just discovered you were supposed to file a Foreign Bank Account Report (FBAR), maybe a Form 8938, and include that income from your old investment in the Cayman Islands. Whoops. Deep breaths—you’re not the first (and definitely not the last) U.S. taxpayer to miss the fine print on international tax reporting. That’s where […]
04/17/2025
If you’re a U.S. taxpayer living stateside with unreported foreign accounts or income, the words “offshore compliance” probably don’t inspire joy. But here’s the good news: the Internal Revenue Service (IRS) knows mistakes happen—and they’ve created a pathway to help you fix them (before things get expensive). It’s called the Streamlined Domestic Offshore Procedures (SDOP), […]
03/24/2025
Streamlined Procedure or Delinquent International Information Return Submission Procedures: Which is better for catching up on your taxes? Each program has its own benefits and eligibility criteria, so below, we’ve put together a high-level overview of the Streamlined Procedure and the DIIRSP. Read on to learn how these procedures can benefit you and which may be the better fit.
04/17/2025
Let’s be honest: the words “Streamlined Filing Procedures” sound like something dreamed up by a government agency determined to make sure you never find out what they actually are. But underneath the bureaucratic name is something surprisingly kind: a rare opportunity from the IRS to say, “Hey, if you didn’t know you were supposed to […]
06/13/2024
While it may not seem fair, all Americans — even those living abroad — who earn above a certain threshold must file a US tax return. If you didn’t previously understand your tax and reporting obligations, though, you’re not alone. Fortunately, you may be able to catch up penalty-free with the help of IRS Form 14653. […]
11/29/2024
Americans who move abroad are required to continue filing US taxes, reporting their worldwide income. This means that American citizens abroad often have to file two tax returns. The tax treaties that the US has with around 100 other countries don’t mitigate the risk of double taxation either, as they contain a ‘saving clause’ meaning […]
04/07/2025
Let’s face it—U.S. tax rules are complicated, especially when you throw foreign bank accounts and global income into the mix. If you’ve just realized you were supposed to report those offshore assets (and haven’t), take a deep breath. You’re not alone—and the IRS knows it. That’s why they created the Streamlined Filing Compliance Procedures (SFCP). Think […]
04/17/2025
You didn’t mean to ghost the IRS. You were living abroad, focused on life, work, maybe even figuring out the local coffee order—and didn’t realize that your foreign bank account or overseas rental income came with U.S. tax obligations. Now you’ve discovered terms like “FBAR” and “foreign financial assets,” and it feels like a tax […]
08/08/2021
The IRS Streamlined Procedure was introduced in its current form in mid-2014. As the IRS stepped up its enforcement of America’s citizenship-based taxation system, which requires all US citizens (and green card holders) to file US taxes on their worldwide income wherever in the world they live, it also realized that it needed a way […]
06/15/2021
Many American expats assume that living abroad, or perhaps a tax treaty, exempts them from filing US taxes from overseas, so they are surprised to discover that the US requires all American citizens and Green Card Holders to report their worldwide income and that they still have to file. Many expats realize this after already […]