IRS Compliance Programs

UK US Tax is one of the few U.S.-based tax firms that specializes in helping expatriates as well as U.S. individual taxpayers residing in the U.S. comply with filing their previous income years’ tax returns and foreign bank account reporting forms (FBARs), to enable them to become compliant with their required filings. The two filing programs are OVDP and Streamline:

Offshore Voluntary Disclosure Program (OVPD) is a two-fold program designed to offer U.S. taxpayers with previously undisclosed income from offshore accounts an opportunity to become current in their tax and penalty obligations, while also offering protection from potential criminal liability. Although the program has a higher penalty rate than the previous programs, it clearly has benefits to the taxpayer who voluntarily enters into it, rather than the IRS determining the taxpayer has been willfully uncompliant. UK US Tax regularly aids its clients in this program to obtain significantly lower penalties, while preparing the required previous eight years’ returns and FBARs, while assisting them in becoming IRS compliant, while reducing the stress often associated with this process.  For more information please see:

https://www.irs.gov/uac/2012-Offshore-Voluntary-Disclosure-Program

Streamlined Foreign Offshore Filing is an expanded and modified program designed to bring U.S. taxpayers back into compliancy with the IRS, accommodating an even wider group to include those taxpayers (including estates of individual taxpayers) also living within the United States, and not just those living abroad. Its aim is to simplify the process and does not involve the criminal division of the IRS.  The program requires the filing of only three years of back returns and six years of FBARs. In this process, taxpayers must also certify that their non-compliance to pay taxes and file returns was not willful but rather a misjudgment or a result of negligence. UK US Tax has extensive experience with the Streamlined filing procedure, satisfying both our clients and the IRS regulations. For more information please see:

https://www.irs.gov/Individuals/International-Taxpayers/Streamlined-Filing-Compliance-Procedures