Are you aware of streamlined income tax returns as a United States expats? Do you want to know how to amend streamlined income tax returns? Then, you have come to an amazing place at USTAXFiling.in. In this blog, we will discuss every minute detail related to how to amend streamlined income tax returns for United States Expats. So, to know all the updates, just stay tuned with USTAXFiling.in.
The IRS released the exact way in July 2016 to amend the process of streamlined filing. It is handy for US expats everywhere as it shows you exactly how to re-submit your streamlined filing process without suffering any dreaded consequences. So, let us talk about why US expats take advantage of the streamlining process and what to do if they find themselves needing to change streamlined income tax returns.
What is the Streamlined Filing Process?
The streamlined filing process is an amnesty program that runs by the IRS and aids in encouraging non-willfully delinquent taxpayers to become tax compliant voluntarily. Also, if you don’t realize that you have any tax filing obligation and the IRS has not contacted you, you may use these processes to submit your income taxes without incurring any of the charges. All you have to do is submit income tax returns for three years and FBARs for six years (FBAR or foreign bank account reports), whether you meet any of the criteria or not. And you should also submit the 14653 form or any of the certifications by the United States Person who is residing outside of the United States for SFOP or Streamlined Foreign Offshore process.
It might look straightforwards and simple now, but errors do take place, expat taxes are difficult. So, those expats who accidentally forget to include a form might have to think that they have to hold tight until the IRS reaches out to them. But in reality, this is not the best thing. If you fail to disclose, then there is a possibility of hefty jail time or financial penalties that are applicable to you. So, if you make any errors, you have to take action.
How to Amend Streamlined Tax Returns
There are a few regulations: If you wish to amend streamlined income tax returns, your already submitted income tax returns should not currently be under the review of the IRS. Also, it means you must act now. You should include all the necessary paperwork in your amended submission.
You Must Include Your Corrected Amended Income Tax Returns
You have to submit the corrected income tax returns for all the years linked with the original submission. Then, on the top of the first page, you have to write in red ink, ” Amended Streamlined Foreign Offshore.” If you have made a mistake on FATCA 8939 form, then you should submit the amended form 8938 for every year in the submission.
You Should Include an Amended Form 14653
You have to submit an amended 14653 form. On this form, you can write “amended” in the red link at the top side of the page. Also, on page two, you must include all the information about the error in the original papers.
You Must Include Payment of Increases in Penalties, Tax, Interest
If your error means that you owe more amount, you will have to include these charges and your payment. So, you must keep in mind that the miscellaneous offshore charges are five percent of the highest year-end of the taxpayer’s foreign properties balance that is subjected to the charges during the years that are applicable.
Then, you can mail the amended submission where the original submission was sent:
IRS
3651 S.IH 35
MS 6063 AUSC
Austin, TX 78741
Attn: Streamlined process
The simplicity and transparency of amending the streamlined submission must encourage taxpayers who unwittingly omitted the reporting of particular foreign financial properties or income from a foreign financial property to come forward to change their streamlined filing process. It is even more so the situation, given the negative consequences that might result without any changes.
USTAXFiling.in will aid you to make changes as per your streamlined income tax returns today
USTAXFiling.in aids expats across the globe to get caught up on the taxes minus the tension. At USTAXFiling.in, our professional tax experts are dedicated and committed to helping you with streamlined income tax returns. If you wish to amend the streamlined tax returns process, then our USTAXFiling experts are there to guide you in the best possible way. They will help you correct all the details and the proper documentation that you must file for your streamlined income tax returns. So, if you have to amend your streamlined income tax returns, then USTAXFiling.in is the best option for you! At USTAXFiling, tax professionals have rich years of experience with current updates related to tax filing. So, schedule a call now for more help at USTAXFiling.in!.