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
The IRS ended the OVDP on Sep 28, 2018. This program was the most comprehensive and was designed for individuals that had significant assets, income, entities, or other foreign interests to disclose.
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.
With the closure of the Offshore Voluntary Disclosure Program in 2018, you can still use the Streamlined Program or file missing returns quietly. 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.