Streamlined Filing Procedures

Streamlined Filing Procedures are intended to bring a taxpayer into compliance. The program allows a taxpayer to file the most recent 3 years of Federal tax returns, 6 years of FinCen form 114 reporting bank and financial accounts held outside the US and a certification form. Generally, penalties are waived.  Interest is calculated on any tax owed.

What are the benefits to filing using the Streamlined Filing Procedures?

Under this Program:

You can file 6 years of the FinCen 114 form reporting all bank and financial accounts held outside the U.S. with no late filing penalty.

You can also file the prior two years of tax returns and the current year without incurring late filing penalties. Interest would be calculated on any balance due.

Will I be able to file State tax returns under this program?

While the individual states are not required to accept the IRS Streamlined Filing program, many will. Talk to your tax advisor about your individual situation.

How does the IRS know if I have not filed the forms reporting my foreign bank and financial account information?

Foreign banks and financial institutions are required to report accounts held by US citizens and Green Card Holders to the US government. In turn, the government matches that information to the FinCen form 114 filed. If no reporting forms were filed, you may receive a letter requesting the forms. The penalties for not timely filing these forms are substantial.

Concerns and Quick Assistance on Streamlined Filing Procedures

I haven’t filed tax returns for last year or this year. Can I use the Streamlined Program?

No, the Streamlined Filing Procedures mandate filing three years together.

Can I file my last three years of tax returns using the Streamlined Procedures even if I don't have any financial accounts to report?

Yes. Even if you do not have to report bank or financial accounts, the Streamlined Filing Procedures may be used.

What is involved with the Streamlined Foreign Offshore Procedures?

  • Three years of tax returns and six years of foreign financial and bank reporting.
  • Tax returns are paper filed and the financial forms are e-filed.
  • A statement of certification is included with each tax return.

Can we e-file the Tax returns and financial reporting forms under the Streamlined Program?

The signed and dated tax returns with relevant documents need to be mailed or couriered to the respective tax authorities in paper form. The financial forms may be e-filed.

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