Who Form 3520 Streamlined 2023-2024

Music. The streamlined domestic and foreign offshore programs allow us, persons living inside as well as outside the US, to avoid criminal charges and excessive FBAR penalties. However, this is only applicable if you can prove that you are non-willful. The penalty for non-willful conduct is only 5% of the highest foreign bank account balance and foreign financial asset in the last six years. Our tax law firm will gather substantive evidence to prove that your conduct was non-willful. We will collect documents, evidence, and testimony from witnesses to demonstrate that your failure to file an FBAR or report unreported foreign income was a result of negligence, inadvertence, or mistake. We will also provide a detailed explanation of the facts in a light most favorable to you and certify that your actions were non-willful. Please note that the streamlined domestic procedures do not apply if you have delinquent income tax returns, are currently being audited, or are under criminal investigation. In such cases, we will amend your last three years' income tax returns and file the last six years' FBARs. The penalty will be computed based only on the unreported foreign financial assets. We will ensure that there is no double accounting for funds transferred between foreign bank accounts and that proceeds from the sale of real property deposited in your foreign bank account are not double accounted for. Our firm will competently prepare the Form 114 FBAR, Form 8938 which reports foreign financial assets, Forms 3520, 3520-A, 5471, and 8621 for trusts, gifts, and corporations, as well as Forms 926 and 8621. We will meticulously prove that the failure to comply with the technical aspects of filing each particular form and reporting every foreign financial asset was not willful. For taxpayers residing outside the United States, we will file your delinquent and...