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Form 14653 online Columbus Ohio: What You Should Know
Form 14653 Fillable from Any Platform What is the IRS 14653 for Streamlined Foreign Offshore Procedures? Form 14653 is an online tool available at the U.S. Department of Treasury to simplify the process for filing a simplified foreign tax return, Form 1040NR. (Nonresident aliens can use a foreign tax credit in lieu of the Form 14653.) What is the IRS 14653 for Streamlined Foreign Offshore Procedures: The IRS is revising the method for determining the U.S. person's tax liability under the Foreign Account Tax Compliance Act (FATWA). Under current law, foreign financial account holders may be required to provide the IRS copies of required information to verify their account ownership and source of income under the terms of the U.S. government's anti-money laundering (AML) and criminal investigation (CI) laws. The new form 14653 will provide the IRS with new guidance regarding the identification of persons who are required to provide foreign government information under FATWA. A Form 14653 is required when an expatriate has a U.S. financial account and the U.S. taxpayer believes the account is being misused in connection with the taxpayer's income tax return, in lieu of the current requirement that U.S. taxpayers furnish the foreign financial account holder with a copy of their own tax return (Form 1040NR). The amount of the penalty will depend upon the number of years that the foreign financial account holder has been in contact with the U.S. taxpayer. If the account holder has not been in continuous contact with the taxpayer in the three years prior to the filing of the return and has not maintained written notice of his or her U.S. address with the IRS, then the account holder may be required to satisfy a civil money penalty under the civil penalty provisions of the AML/CI law, as well as the IRC, in lieu of any money owed the IRS by the tax year in which the account holder fails to obtain and maintain U.S. taxpayer identification and taxpayer information. Form 14653 provides a streamlined method for foreign financial account holders and their U.S. account holders to meet the current requirement for them to verify that their foreign financial account and U.S. bank account were established solely for purposes other than foreign income.
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