2. Expat Taxes – Americans Abroad

Domestic vs Foreign Streamlined Filing graphic featuring a professional man in a suit with text emphasizing the importance of choosing the right tax program to avoid costly mistakes, relevant to expat tax filing services by Ed Parsons, CPA.

Domestic vs Foreign Streamlined Filing: Choosing the Wrong Program Can Be Costly

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The Streamlined Foreign Offshore Procedures (SFOP) carry a zero penalty, while the Streamlined Domestic Offshore Procedures (SDOP) impose a 5% penalty on the highest aggregate year-end balance of unreported foreign financial assets. Eligibility is based on a residency test. U.S. citizens and green card holders qualify for SFOP only if they spent at least 330 […]

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Professional CPA Edward Parsons in a suit, seated at a desk with a laptop and documents, promoting streamlined filing and foreign trust tax reporting services to help reduce IRS penalties.

Domestic vs Foreign Streamlined Filing: Penalty Impact

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A Passive Foreign Investment Company (PFIC) includes most foreign mutual funds, ETFs, and investment funds held outside the U.S. If you sold or received distributions from one without filing Form 8621, the IRS applies the excess distribution method: all gains are taxed at the highest ordinary income rate of up to 37%, plus a compounding

Unreported PFICs? How Streamlined Filing May Help Reduce Brutal IRS Taxes and Penalties? Read More »

Ed Parsons, CPA, promoting streamlined filing for foreign trust compliance, highlighting IRS penalties and potential relief options, with professional setting and informative text elements.

Form 3520-A Not Filed? The IRS Can Penalize 5% of Your Foreign Trust Value Every Year. Streamlined Filing May Help Avoid It.

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If you are the U.S. owner of a foreign trust and Form 3520-A was never filed, the IRS penalty is 5% of the trust’s gross asset value at year-end. That responsibility falls on you personally, even if the foreign trustee was supposed to file. For a $400,000 trust, that is $20,000 per missed year. The

Form 3520-A Not Filed? The IRS Can Penalize 5% of Your Foreign Trust Value Every Year. Streamlined Filing May Help Avoid It. Read More »

Ed Parsons, CPA, sitting at desk with documents about foreign trust money and IRS reporting, emphasizing streamlined filing and tax compliance.

Received Foreign Trust Money Without Filing Form 3520? Here’s How Streamlined Filing May Help

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If you received money or property from a foreign trust and did not file Form 3520, the IRS penalty is the greater of $10,000 or 35% of the gross value of what you received. For a $120,000 trust distribution, that is $42,000. The IRS Streamlined Filing Compliance Procedures offer a legal path to resolve this,

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Woman reviewing IRS penalty notice for missed Form 8938, surrounded by foreign bank statements and a laptop, emphasizing tax compliance for expats.

Unreported Foreign Assets Over $200K? Streamlined Filing May Help Reduce Form 8938 Penalties.

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Form 8938 is required for U.S. taxpayers with foreign financial assets above $50,000 (single filers in the U.S.). Missing the filing deadline triggers an immediate $10,000 IRS penalty. Every 30 days of non-compliance after an IRS notice adds another $10,000. The IRS Streamlined Filing Compliance Procedures can reduce or eliminate that penalty if your failure

Unreported Foreign Assets Over $200K? Streamlined Filing May Help Reduce Form 8938 Penalties. Read More »

Worried man reviewing tax documents related to foreign bank accounts and IRS compliance at a kitchen table, with laptop and coffee cup visible.

Didn’t File FBAR on Your Foreign Bank Account? The Penalty Is $10,000. Streamlined Filing May Reduce It to Zero.

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If you held a foreign bank account with a balance exceeding $10,000 at any point during the year, FBAR filing was required. Missing that deadline triggers IRS penalties starting at $10,000 per account, per year, for non-willful violations. Willful violations can reach 50% of the highest account balance per year. The IRS Streamlined Filing Compliance

Didn’t File FBAR on Your Foreign Bank Account? The Penalty Is $10,000. Streamlined Filing May Reduce It to Zero. Read More »

Preguntas frecuentes sobre los IRS Streamlined Filing Compliance Procedures (SFCP) con mujer pensativa, íconos de conceptos erróneos, hechos poco conocidos, diferencias entre Domestic Offshore y Foreign Offshore, y penalidad del 5% explicada.

preguntas 2025 IRS streamlined filing compliance procedures

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Guía completa en español sobre los IRS Streamlined Filing Compliance Procedures (SFCP). Descubre conceptos erróneos comunes, hechos poco conocidos, diferencias entre Domestic Offshore vs. Foreign Offshore, y cómo manejar la penalidad del 5% con los formularios oficiales del IRS.

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