I never knew foreign accounts had to be reported — am I eligible for the Streamlined Procedures?
I'm a non-resident who has owned a US LLC and a couple of foreign bank accounts for years. I just found out about FBAR and Form 8938 and realized I should have been reporting. I genuinely didn't know. Can I use the IRS Streamlined Filing Compliance Procedures, or is that only for people who can prove some special hardship?
Related Questions
I missed FBARs for several years — do I use the Delinquent FBAR procedures or Streamlined?
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After Bittner, is the non-willful FBAR penalty per account or per year?
I had several foreign accounts and missed a few years of FBARs. I've read scary things about $10,000 per account adding up fast. Did the Bittner Supreme Court case change that for non-willful cases, a...
Can First-Time Abatement remove the accuracy penalty on my CP2000?
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What are the FBAR penalties for non-willful vs. willful violations?
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What is the IRS Voluntary Disclosure Practice and when should I use it instead of streamlined?
I intentionally did not file Form 5472 and FBARs because I thought the IRS would not find out. Now I am concerned about criminal prosecution. Someone told me about the IRS Voluntary Disclosure Practic...
After Bittner, is the non-willful FBAR penalty once per year or per account?
I had four foreign accounts under my LLC and missed FBARs for two years. Before, I read the penalty could be per account, which terrified me. Did the Bittner decision change that? If I had four accoun...
What are the Streamlined Filing Compliance Procedures and can foreign LLC owners use them?
I have been non-compliant with my U.S. tax filing obligations for several years. My foreign-owned LLC never filed Form 5472 and I never filed FBARs for my foreign accounts. Someone recommended the Str...
Our joint return showed tax due, not hidden income. Can equitable relief still help if my spouse promised to pay and never did?
I am from South Korea and filed jointly with my spouse when we were still operating a U.S. services business together. The return itself was not inaccurate, but it showed about $41,000 due. My spouse ...
Does being a non-resident foreign owner change whether my LLC has to foreign-qualify?
I'm not a US citizen or resident — I live abroad and own a US LLC. I keep wondering whether my being a foreign person changes the foreign-qualification analysis. Does the state look at where I, the ow...
My only contact with California is a business bank account — am I safe from foreign qualification?
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