IRS Updates Streamlined Filing

IRS Updates Streamlined Filing

The IRS updated their streamlined filing rules this summer.  The updated rules still allow a taxpayer to enter the streamlined filing program no matter the complexity of their financial structure and regardless of how much they owe in back taxes (most U.S. citizens living in Thailand will owe no U.S. tax.  The program will also waive all interest and penalties for those living overseas.  However the program requires an increased amount of reporting and a statement on form 14635  describing why the tax payer was not willfull. It is important to note that all streamlined returns are reviewed by the IRS for correctness and potential tax fraud,  because of this it is highly recommended that you contact a highly qualified U.S. Expat Tax Specialists to prepare your taxes for streamlined filing.

Regards
Thomas M Carden E.A  J.S.M
Director
United States Australia Tax Service
USAUTAX.COM