What is the streamlined procedure if you are a US citizen or green card holder living abroad and you haven't filed the tax return for some years? First of all, don't worry because you're not alone. Thankfully, the IRS has prescribed a clear and safe path forward called the streamlined procedure. It is a way for Americans who are not current with their US tax filing obligations to become current without facing penalties or any undue scrutiny by the IRS. - The streamlined procedure requires that you file your last three years of returns, along with your last six years of FBARs (declaring foreign bank accounts with an aggregate total of over $10,000 in them). Lastly, you sign a declaration stating that your past non-compliance wasn't willful avoidance, and that's it. No penalties and no more sleepless nights. - We strongly recommend that if you are behind on your filing, you consider taking advantage of the penalty-free path to compliance that the streamlined procedure offers. For one thing, the IRS may be aware of your foreign earnings and assets anyway, so they just might come to you if you don't go to them first. That is an entirely different circumstance that one should really avoid. - Thanks for watching this overview of the IRS streamline procedure. At Britax, we proudly serve clients in over 150 countries and are experts at filing US taxes for Americans who are living abroad.
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Video instructions and help with filling out and completing Will Form 8854 Streamlined
