Streamlined foreign offshore procedures

Forum|Forum|5 years ago
January 6, 2021
1 reply
14 views

Hello,

Individual who lives overseas and wants to complete the SFO procedures didn't have any income in 2019 and 2020 but did have in 2018. Does file only 2018 together with form 14653 and the required FBAR (for the recent 6 years)? He does not need to file Federal tax return for 2019 2020 if there was no income, right?

Thanks,

ProConnect Tax

This topic has been closed for replies.

itonewbie

Level 15

Are you saying your client living overseas didn't have any gross income from any sources at all?

You'd want to make sure because the exposure of getting this wrong and the disclosure done incorrectly could be significant.

---------------------------------------------------------------------------------Still an AllStar

itonewbie

Level 15

Also, preparing the F.14653 is not all that straightforward. There have been legal challenges as to what constitutes willful conduct, which means the narrative of the surrounding facts and circumstances would be critical, especially since your client has only one chance to get it right.

---------------------------------------------------------------------------------Still an AllStar

S

shachar1831Author

Level 4

It is not straightforward but required. I ask my clients to describe their background both financial and personal and ask them to add that failures to report financial assets and income earned in the past resulted from non-willful conduct.

Any other suggestions?

Sign up

Login with SSO

Let's get you signed in

Login with SSO