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Delinquent International Information Return Submission Procedures

Posted by: Zaher Fallahi
Posted On: Aug 23, 2014

Taxpayers who do not need to use the OVDP http://zflegal.wpengine.com/blog/2012offshorevoluntarydisclosureprogram-1

or the Streamlined Filing Compliance Procedures http://zflegal.wpengine.com/blog/2012offshorevoluntarydisclosureprogram-1

http://zflegal.wpengine.com/blog/streamlinedfilingcomplianceprocedures to file delinquent or amended tax returns to report and pay additional tax, but who:

(1) have not filed one or more required international information returns,

(2) have reasonable cause for not timely filing the information returns,

(3) are not under a civil examination or a criminal investigation by the IRS, and

(4) have not already been contacted by the IRS about the delinquent information returns

should file the delinquent information returns with a statement of all facts establishing reasonable cause for the failure to file.  As part of the reasonable cause statement, taxpayers must also certify that any entity for which the information returns are being filed was not engaged in tax evasion.  If a reasonable cause statement is not attached to each delinquent information return filed, penalties may be assessed in accordance with existing procedures.

All delinquent international information returns other than Forms 3520 and 3520-A should be attached to an amended return and filed according to the applicable instructions for the amended return.  All delinquent Forms 3520 and 3520-A should be filed according to the applicable instructions for those forms.  A reasonable cause statement must be attached to each delinquent information return filed for which reasonable cause is being requested.

Information returns filed with amended returns will not be automatically subject to audit but may be selected for audit through the existing audit selection processes that are in place for any tax or information returns.

For assistance with disclosing your undeclared foreign bank accounts (offshore voluntary disclosure program, OVDP), report of foreign bank & financial accounts (FBAR), foreign account tax compliance act (FATCA), tax preparation, tax planning,  tax audit IRS representation, and the US treasury office of foreign assets control (OFAC),  contact Zaher Fallahi,  Los Angeles Tax Attorney, Los Angeles OFAC Attorney, Los Angeles Tax CPA, Los Angeles Dental CPA,  at (310) 719-1040 and Orange County Tax Attorney, Orange County OFAC Attorney, Orange County Tax CPA, Orange County Dental CPA, at (714) 546-4272 (Orange County) or e-mail: taxattorney@zfcpa.com