IRS Streamlined Procedure: A Guide for U.S. Citizens Living Abroad Who Want to Regularize Their Tax Status (Automatic Draft)
IRS Streamlined Procedure: The guide for US citizens living abroad who want to regularize their US tax status
Are you a US citizen living abroad? Do you have US/Italian dual citizenship or hold a Green Card and have never correctly filed your US tax returns?
Many US citizens living outside the United States discover only after years that the IRS still requires the annual filing of US tax returns, even when the income is already taxed in the country of residence.
For this reason we have published an updated guide dedicated to IRS Streamlined Procedure, one of the most used tools to voluntarily regularize one's tax position with the US tax authorities.
What is the IRS Streamlined Procedure?
The Streamlined Filing Compliance Procedures is an IRS procedure that allows many US taxpayers residing abroad to:
- catch up on unfiled US tax returns;
- declare foreign bank accounts and investments;
- reduce the risk of high penalties;
- come into compliance with US tax obligations;
- return to compliance with the US tax system.
The procedure is often used by:
- US citizens living in Italy;
- individuals with dual citizenship;
- former US residents who moved abroad many years ago;
- Green Card holders;
- professionals and entrepreneurs with undeclared foreign accounts in the USA.
A problem much more widespread than one might think
In recent years, the IRS has stepped up international audits thanks to FATCA agreements and the automatic exchange of banking information between countries.
Many taxpayers discover their tax exposure only when:
- a bank requires US tax documentation;
- a Social Security Number is requested;
- issues emerge with investments or successions;
- a return to the United States is being evaluated;
- You want to apply for or renew American documentation.
Our dedicated guide
We have prepared a concise yet practical guide that explains:
- How does the Streamlined procedure work?;
- What documents are needed?;
- which fiscal years need to be regularized;
- what are the main risks;
- what costs may be involved;
- when it is appropriate to speak with a US CPA or tax attorney.
Read the complete guide here:
IRS Streamlined Procedure – Complete Guide
Professional support for US citizens living abroad
Through Link2America We support US citizens, dual citizens, and families living abroad in the preliminary assessment of their US tax situation, coordinating when necessary with CPAs and professionals specialized in US international taxation.
An initial preliminary analysis can help understand:
- risk level;
- required documentation;
- possible costs;
- realistic timeline of the procedure;
- any alternative options available.
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