Streamlined Filing Compliance Procedures
While the penalty for traditional OVDP(Offshore Voluntary Disclosure Program) will be imposed regardless of the criminal content,
the penalty for new SFOP(Streamlined Foreign Offshore Procedures) will be waived by filing the last three years of tax return and
the last six years of foreign financial accounts if the failure to file resulted in non-willful conduct. This will only apply when the taxpayer
resides outside of the U.S. and 5 percent of the penalty will be imposed on the taxpayers residing in the U.S. when using the same procedures.
Streamlined Foreign Offshore Procedures(SFOP) Status
US TAX SERVICE will notify the customers of the status of completion of Streamlined Foreign Offshore Procedures(SFOP) through communicating directly with an agent from the IRS.
Frequently asked questions
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Monday - Friday
8 00 - 17 00