There are three main options for filing late taxes:
IRS Streamlined Program
This program is available to filers who are considered low risk. It requires filing 3 years of back taxes, and 6 years of FBAR filings, and signing a sworn affidavit. The penalties for late filing on both the returns and FBAR will be waived under this program, although you will have to pay interest on any tax due.
Offshore Voluntary Disclosure Program
This program is the most comprehensive and is designed for individuals that have significant assets, income, entities, or other foreign interests to disclose. It involves an IRS agent assigned to your case, and you will likely need to file 6-8 years of back taxes and 6-8 years of FBARs. Your case will also be reviewed by IRS Criminal Investigation. The IRS is ending the OVDP on Sep 28, 2018.
As you may have guessed, this is not an official IRS program. It generally involves filing at least 3 years of back taxes and 6 years of FBAR without formally notifying the IRS. While this sounds simple, it may put you at greater risk of further scrutiny and provides no waiver of penalties.
Each approach has unique requirements, as well as pros and cons. We can walk you through each option, explain how it would apply to you, and help you choose the one that best fits your specific tax situation.
During the consultation we assess your tax situation and will provide you with a quote. Our transparent pricing means you won’t have any surprises. We even offer audit protection for your full peace of mind.