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A Reminder From US Global Tax (NZ) Regarding the Streamlined Amnesty Program

Thursday 24 October 2019, 7:51PM

By Beckie Wright

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US Global Tax (New Zealand) would like to remind people that the Streamlined Amnesty Program could close soon (as we lead up to the anniversary of the OVDP programme closing). The IRS amnesty program, known officially as the “Streamlined Foreign Offshore Procedures,” was established 2012 to encourage U.S. citizens/Green Card holders living abroad to come into full compliance on their delinquent or incomplete U.S. tax returns and FBARs.​

A taxpayer who files via the Streamlined Foreign Offshore Procedures will not be subject to failure-to-file and failure-to-pay penalties, accuracy-related penalties, information return penalties, or FBAR penalties. Individuals must have been physically outside the United States for at least 330 days during any of the most recent three years.

The failure to file tax returns and FBARs was not due to willful conduct.

The IRS has not initiated an examination of taxpayer's returns for any taxable year.​

You should complete the “Certification by U.S. Person Residing Outside of the U.S” in which you certify that your failure to file resulted from non-willful conduct, complete and submit the most recent 3 years of delinquent U.S. tax returns, and complete and submit the most recent 6 years of delinquent FBARs.​

Although the IRS has not announced an expiration date for this program, they can at any time, so don't miss out on this golden opportunity to get back into compliance. penalty free. 

FYI - For the Calendar year tax returns reporting 2018 information that are due in 2019, the following due dates apply

March 15 - Form 1065 Partnerships, Form 1120s S Corporations

April 15 - Form 1040 Individuals, Form FinCen114 (FBAR), Form 1120 C Corporations

You may be allowed an automatic 2-month extension of time to file your return and pay any federal income tax that is due. You will be allowed the extension if you are a U.S. citizen or resident alien and on the regular due date of your return, so for more information on US tax return filing, US expat tax and non US citizen tax returns please go to https://usglobaltax.com. /