Benefits of the Streamlined Foreign Offshore Procedures Program

Here are few Benefits of the Streamlined Foreign Offshore Procedures Program

1. Limitations – there will be no limitations on reports that were never filed. Practically speaking, the IRS could request proof of filed taxes for up to 6 preceding years. The Streamlined Foreign Offshore Procedures shortens this timespan and decreases costs for the taxpayer. With Streamlined Foreign Offshore Procedures, the IRS may examine reports from the preceding 3 years, if fraud was not involved.
2. Voided fines and penalties – if taxes are found to be owed after filing full disclosure, the IRS will not impose fines or penalties, excluding interest, even if the reports were selected for IRS audit.
3. Retroactive classification for financial tools and pension plans may be categorized, when said tools allow tax payment postponement.
4. Costs – the program significantly decreases tax filing fees via Tax4US.
5. As of 2014, the program’s risk assessments from 2012 were lifted, allowing more individuals to file.
6. A questionnaire is no longer necessary.
7. Even if previous tax reports were filed, they may be amended and still be considered for the program.