The Streamlined Procedure is an amnesty program offered by the IRS to help eligible U.S. citizens, permanent residents, and resident aliens become compliant with their U.S. filing obligations by allowing them to disclose previously undisclosed income, investments, assets, and accounts. The procedure is split into two categories: Streamlined Foreign Offshore Procedure (SFOP) and Streamlined Domestic Offshore Procedure (SDOP). The main difference between these two is that SFOP filers can disclose all information without being subject to penalties, while SDOP filers are subject to the Title 26 5% miscellaneous offshore penalty. However, both require taxpayer(s) to remit any tax and interest related to these filings with the delinquent or amended returns.
| Streamlined Foreign Offshore Procedure (SFOP) | Streamlined Domestic Offshore Procedure (SDOP) | |
| ELIGIBILITY | If you are a U.S. citizen, permanent resident or resident alien and meet the following conditions: 1. Physically outside the U.S. for at least 330 full days in any one or more of the most recent three years for which the U.S. tax return due date (or properly applied for extended due date) has passed 2. Failed to report income from a foreign financial asset, pay tax as required by U.S. law, and may have failed to file an FBAR (Form 114) or FATCA (Form 8938) with respect to a foreign financial account where such failures resulted from non-willful conduct | If you are a U.S. citizen, permanent resident, or resident alien who meets the following criteria: 1. Did not reside outside the U.S. 2. Have filed a U.S. tax return (if required) for each of the most recent 3 years for which the U.S. tax return due date (or properly applied for extended due date) has passed 3. Failed to report gross income from a foreign financial asset, pay tax as required by U.S. law, and may have failed to file an FBAR (Form 114) or FATCA (Form 8938) with respect to a foreign financial account and/or one or more international information returns (ex. Form 3520, 5471) where such failures resulted from non-willful conduct |
| TAX YEAR(S) SUBJECT TO REPORTING | Delinquent or amended U.S. tax return for the most recent 3 years for which the U.S. tax return due date has passed + Delinquent FBARs for the most recent 6 years for which the FBAR due date has passed | Amended U.S. tax return for the most recent 3 years for which the U.S. tax return due date has passed + Delinquent FBARs for the most recent 6 years for which the FBAR due date has passed |
| PENALTIES | Waived | Title 26 5% miscellaneous offshore penalty (5% of the highest year-end total balance/asset value among the most recent 6 years) |
Due to the various requirements of the streamlined procedure, this particular service must be done through our offline service with a CPA or EA. Thus, please schedule a consultation meeting using the link below with one of our tax professionals or email us your inquiry to cs@us114.net before proceeding with the streamlined procedure.
| CATEGORY | KRW | USD | NOTE |
 | STANDARD | TAX RETURNS FOR THE MOST RECENT 3 YEARS | =1,200,000 | =1,170.00 | Assuming the taxpayer(s)' income type for the 3 years falls under the standard category from the Form 1040 pricing list ★ FATCA fee not included (must be separately assessed) ★ Listed fee is for SFOP and does not include international shipping fee and value-added tax |
| FBARs FOR THE MOST RECENT 6 YEARS | =900,000 | =888.00 | |||
| CERTIFICATION FORM | |||||
| TOTAL | ￦1,650,000 ~ | $1550.00 ~ | |||
| PLUS | TAX RETURNS FOR THE MOST RECENT 3 YEARS | =2,400,000~ | =2,340.00 | Assuming the taxpayer(s)' income type for the 3 years falls under the deluxe category from the Form 1040 pricing list ★ FATCA / Form 5471 (foreign corporation) fee not included (must be separately assessed) ★ Listed fee is for SFOP and does not include international shipping fee and value-added tax | |
| FBARs FOR THE MOST RECENT 6 YEARS | =900,000 | =888.00 | |||
| CERTIFICATION FORM | |||||
| TOTAL | ￦2,650,000 ~ (SERPARATE SERVICE QUOTE REQUIRED) | $2,500.00 ~ (SERPARATE SERVICE QUOTE REQUIRED) |
