Needed Documents For Streamlined Filing

Did you know that the IRS program, Streamlined Filing Procedures, can waive your late tax return filing? In fact, late-filing penalties can be completely waived for US expats who qualify! The Streamlined Filing Procedure may also waive your foreign bank account reports (FBARs) that are overdue, as well. Do you want your past-due penalties to be waived? Only a few simple steps and you could be penalty free! Let me show you how.

First, we need to help you get prepared. Before we can make any steps forward, you will have to collect all past-due FBARs of at least six years, and late tax returns from the last three years. The program does require these financial documents from US expats. For your benefit, we have included a number of documents that will be necessary for the Streamlined Filing Procudure, as well as your tax reports and FBARs. It is necessary to hold on to all included documents, however, we will explain to you as to when you can discard these documents. 

FBAR Documents 

In order to prepare six years worth of FBARs, US expats will need to obtain a number of documents as followed:

  • Reports of foreign life insurance.
  • History details and statements of all foreign bank accounts.
  • Reports of any foreign investment accounts.
  • All statements pertaining to retirement accounts.
  • Reports for any out-of-country cryptocurrency accounts.

Every accountant you interact with may require different presentations of these documents. For instance, some accountants may ask for your completed bank statement. On the other hand, different accountants may only need a summary of your bank information and reports. Make sure to confirm your accountant’s preference for these documents so you can formulate the correct information needed to proceed with the Streamlined Filing Procedure!

US Tax Return Documents 

Now that we have covered the FBAR documents, we need to retrieve three years of past-due tax returns. Here we provided a list of multiple documents needed. If you are a US expat, you must supply these documents for the streamlined program:

  • Incomes and expenses for self-employed businesses.
  • Paystubs that show tips, wages, and taxes towards your resident country (annually).
  • Tax return filing in your current country (residency).
  • Income report from any investment (documents can come from a foreign institution, a US financial institution, or a Form 1099).
  • Real estate records.
  • Records of stocks, bonds, and securities (contact your broker for a statement).
  • Retirement account distributions (contact your financial institution for a summary).
  • Mortgage summary.
  • Tax deduction records.
  • Paid benefits from social security (from US or other countries).
  • Rental income
  • Partnership income.
  • Trust account reports.
  • Any additional documents you believe are necessary.

When to Discard These Documents

Now that we have all the documents, don’t be so quick to forget where they are! From the date you sign with Streamlined Filing Procedures, you need to keep all of the listed documents (plus what your accountant requires) for at least three years! Although that seems like a long time, we have you covered. 

Here at America’s Tax Firm we are committed towards helping you in your tax situation. Seek help today from a licensed professional to guide you through the Streamlined Filing Procedure!