Here is what to expect from a Trust Fund Recovery Penalty Investigation
Solid Reasoning or Flimsy Excuse? When the Streamlined Filing Form 14653 / 14654 Narrative Makes Sense, and When it Means Trouble
In the right circumstances, joining the streamlined Filing Compliance program to report foreign financial accounts can be a quick and cost-effective way to become fully compliant with IRS requirements. But streamlined filings can be exceptionally risky. We take extra care to ensure that our clients understand the dangers that attend streamlined filings, and that both the letter and the spirt of the streamlined compliance program are fully honored. The key aspect being the form 14653 / 14654 narrative.
After the grace period for resolving seriously delinquent tax debt ended in July 15, 2020, IRS has continued to certify federal tax defaulters for possible passport revocation, denial, or imposing limitations on current passports.
While you may have an idea as to what this means based on the previous section, it is vitally important to understand what it actually means. Passport revocation is a tool created for the IRS that gives them the power to revoke or deny the passport of any taxpayer with delinquent tax debt. The legislation involved dictates that the debt must be defined as “seriously delinquent”.
Unreported Foreign Foreign Bank Accounts in 2020 – 2021 under the Streamlined Filing Compliance Procedures
If you have unreported foreign bank accounts, foreign corporations, or other foreign assets but otherwise reported all your taxable income, then you may consider using the streamlined reporting process.
The Internal Revenue Service (IRS) has made it clear: it will revoke U.S. passports for Americans who owe more than $52,000 in overdue taxes.