How Form 3520 Streamlined 2023-2024

Hello Jim Bakker here from On-then Baker Taxes Sultans. Today, I'm writing it right. Today, I'm making a video about the streamlined filing compliance procedures. So this video is for you if you have not filed tax returns or FBAR reports for prior years and you want to get right with the IRS. Ideally, you didn't know that's actually a requirement that you didn't know you had to file. So if you didn't know you had to file, you didn't file any tax returns or any foreign bank account reports, and you want to get clean with the IRS, this is the way to do it. And these are the procedures to do it so that you can file without penalties because many of these informational forms have very heavy penalties and they really can be expensive to get back on track. There are $10,000 minimum penalties for each form, especially the FD. They're pretty heavy as well. So I'm just going straight from the IRS website. It's I think it's the best source to have a lot of good information. Planning, I'll probably write an article about it to just get into the main points. But we know who it's for. This is for people who haven't filed returns. It's ideally for people who lived outside the US. That's the main that's who it was set up for and it was meant as like a supplement to the offshore voluntary disclosure initiative, which I believe has been closed since they, you know, as of the making of this video, it's closed. So this is the option that remains. So you can see the purpose. It's a streamlined procedure for filing amended or delinquent returns terms to resolving tax and penalty procedures are better and then the terms for resolving tax obligations are a...