Ep 45: What Is English For "Streamlined Filing Procedures?"
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IRS expects you to report your overseas or foreign assets when you file taxes if you are a US tax resident (US citizen, Green card holder, or you meet the substantial presence test).
Many people are unaware of the requirements, and the IRS seems to acknowledge this.
IRS has come up with an amnesty program, which allows you to catch up and be tax compliant if you haven't reported your overseas assets.
In this episode, we discuss the process, known as "Streamlined Filing," and explore the penalties involved, if any, as well as the proper steps to follow.
Episode Links & Resources
Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.
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The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.