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Phone: 073-7861701

Ibn Gabirol 30 (WeWork Ibn Gabirol)

    About The Streamlined Foreign Offshore Procedures Program

    The Streamlined Foreign Offshore Procedures Program

    The voluntary disclosure plan has been in existence since 2009.

    It allows tax evaders to volunteer information of their unreported taxes and foreign financial assets, for a decreased penalty.

    In 2012 fines were increased, but at the same time the program was expanded to include Low Compliance Risk for non-resident citizens and Green Card holders residing outside the US.

    Those who meet these criteria will be able to retroactively file their taxes and FBAR reports without suffering fines or penalties.

    In 2014 the Low Compliance Risk limitations were reduced, thereby including more taxpayers under this definition.

    • Applicable candidates:

    1. Foreign residency test passers: a person who has resided outside the US for the past 3 years and has spent less than 330 days there during a given year.
    2. Missed reports of income from foreign assets and accounts disclosure, when done unintentionally.
    • The Streamlined Foreign Offshore Procedures program includes:

    1. Filing tax returns for the last 3 calendar years. Reports that had been filed may be amended and resubmitted.
    2. Filing FBAR for the last 6 calendar years and disclosing all financial accounts outside the US.
    3. A Foreign residency declaration – Form 14653 – which confirms that all the FBAR reports contain correct data and that missed reports were unintentionally not filed; in addition, a written commitment to abide by the laws of the US authorities in the future.