Many U.S. persons residing overseas are unaware of the need to file a U.S. income tax return. With an increased focus by the IRS on foreign taxpayers and increased collaboration by U.S. and Canadian taxation authorities, many are now wondering how to become compliant. Good news! If you meet certain criteria, you may be able to utilize the IRS Streamlined Compliance procedures.
First offered in 2012, the Streamlined Filing Procedure provides a means of filing amended, or delinquent returns. Many Canadians qualify to use this procedure, but there are criteria that must be met, including the need to certify your conduct was not willful. In addition, the IRS should not have commenced a civil examination of your return. Individuals proceeding with this program, generally need to submit at least three years of tax returns, six years of foreign bank account reports, and other information.
The views expressed in this article are those of the author and should not be relied on to make decisions. Consider discussing your specific circumstances with an appropriate specialist.