Can Form 8854 Streamlined 2023-2024

Hi, my name is Steve Plotnik. Today, we're going to have a brief discussion on one of the amnesty programs that is available through the IRS known as the streamlined offshore program. Keep in mind, this is going to be very brief, and we're not going to go into great detail. There are basically two kinds of streamline voluntary programs. One is the Zoom 9 Domestic Offshore Program, and one is the Streamlined Foreign Offshore Program. These programs were introduced back in 2014 as a way for individuals who have not been compliant in reporting their worldwide income or foreign assets to come forward and get into compliance. The programs apply to individuals who have unreported foreign worldwide income. This could include having a foreign bank account or foreign brokerage account that receives dividends or income. According to US tax law, any US citizen, green card holder, or resident alien is required to report their worldwide income, which includes foreign interest, foreign dividends, foreign pensions, foreign rental income, and even income from a business overseas. To comply with the IRS requirements, there are various foreign disclosure forms that need to be filed. One of the forms is the FBAR form, which is independent of the tax return and requires reporting of foreign financial assets. Another form is form 8938, which needs to be attached to the tax return if the total value of foreign financial accounts exceeds a certain threshold. There are also other disclosure forms, such as form 3520 for receiving gifts from a foreign person and form 5471 for ownership in a foreign corporation. Failure to disclose these foreign assets can result in heavy penalties. Before the streamlined program was introduced, the only program available for willful violators was the offshore voluntary disclosure program. However, for 95% of clients, the streamlined offshore program...