The IRS is considering a proposal that would require dual citizens to identify themselves on US tax returns. The measure would affect Americans holding second passports, not only undocumented immigrants as widely reported.
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The IRS Streamlined Filing Compliance Procedures allow eligible U.S. taxpayers to correct non-willful failures to file tax returns, FBARs, or international information forms related to foreign income. The program provides a structured process to come into compliance without the penalties typically associated with late or missed filings.
U.S. taxpayers living abroad who have non-willfully fallen behind on tax returns or FBARs may qualify for the IRS Streamlined Foreign Offshore Procedures, which allow filing of overdue or corrected returns without standard failure-to-file, information-return, or FBAR penalties. Eligibility requires meeting IRS non-residency rules and demonstrating non-willful conduct.
The IRS Streamlined Filing Compliance Procedures allow Americans who non-willfully failed to report foreign income or accounts to catch up on filings with reduced or no offshore penalties. Two variants exist: the Streamlined Foreign Offshore Procedure (SFOP) for those living abroad, and the Streamlined Domestic Offshore Procedure (SDOP) for US residents.
U.S. residents who failed to report foreign income or financial assets on prior tax returns may use the IRS Streamlined Domestic Offshore Procedures to correct filings with a single 5% penalty. Eligibility requires certifying non-willful conduct and submitting three years of amended returns.
Certain foreign accounts and assets are exempt from FATCA reporting requirements, with eligibility depending on the type of asset held, where it is held, and how the account or institution is classified. The specific exemptions that apply vary by individual circumstances.
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US taxpayers who use a tax treaty to modify how US tax law applies to their income may be required to disclose that claim to the IRS using Form 8833. Not all treaty benefits trigger the filing requirement, and the rules depend on the specific treaty position being taken.
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