Hello, this is Anthony Parent from Parent & Parent LLP, IRS medic. You know, one of the common themes I've been mentioning over the years is how complicated the US tax code is. In fact, the IRS has difficulty administering its own laws. There's no one in the world that knows everything about US taxes, including anyone at the IRS. It's very difficult for them to keep track of what's going on in many cases. Here is another example that we've encountered where the IRS isn't aware of what taxpayers have filed. Let me set up the scenario for you a little bit. Years ago, it was very common for us to file an offshore voluntary disclosure for people who hadn't reported their offshore accounts and incomes. Basically, everybody sort of fit into the offshore voluntary disclosure program, the OVD. The rules were relaxed in 2014 to make them a little bit fairer for everybody. One of the OVD forms out there was something called preclearance. You filed this preclearance because, well, you're participating in an offshore voluntary disclosure program for a reason. One of those reasons is that there could be a criminal investigation going on. So, in most cases, we would file preclearances, even in cases where we were pretty sure the client would file a streamlined submission. This is because, in our opinion and our staff's opinion, someone who files a streamlined submission didn't have a real criminal intent. They shouldn't have criminal exposure. However, just because you didn't do anything wrong doesn't mean the IRS investigation unit is going to see it that way. Over the years, we've submitted hundreds of streamlined disclosures. Two of the preclearances we sent out came back with the information that the client was under investigation. In both cases, we talked to the...
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Streamlined Filing Compliance Procedures ending Form: What You Should Know
Streamlined Filing Procedures: Complete & File (Form 114) (Form 114) to the CFPB or the CAPE. File Form 14654 or 14653: File Form 14654 with IRS in the same manner as if you are filing a new tax return. Complete Form 14653 with IRS in the same manner as if you are filing a new tax return. Provide a letter from your authorized tax official, the Chief Accountant of the taxpayer, or the tax official of the place of business (such as the IRS) certifying that the return is for a non-IRS-related purpose, that you meet the specified filing deadline, and that you can present the required documents. Provide the original tax returns to the IRS. Download Form 14654. Download Form 14653.
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