Will Form 3520 Disclosure 2023-2024

Hello Anthony, hello Claudine. We're here today to talk about an odd time of the year. It's about time of the year when it comes to disclosure, streamline foreign and domestic offshore procedures. That's right because the streamlined offshore procedures and the streamlined domestic procedures require the taxpayer to amend three years of US tax returns. Right, three years starting from the most recent year that has passed the due date and then going backwards. Right now, the most recently passed tax years are 2014. So right now, your disclosure would be for the years 2012 to 2014. But if your streamlined submission is sent after the tax due date, if you're in the US that's April 15th, if you're overseas it's June 15th, and you don't file an extension for those tax years, the streamlined disclosure period will shift to 2013 to 2015. This is something that happened last year and we sent out a heads up to our clients to explain the options and benefits. There's not a clear answer and it really seems to be case by case. It can be confusing because of the complex IRS tax code. Here are some things to think about: you have two options. First, file an extension to file your 2015 returns and then your submission will be for the years 2012 to 2014. Then you file your 2015 return, most likely by October 15th, or by December 15th, 2016 if you're an expat and you request a permissive extension. This option allows you to file your return on time and remain current with your tax filings. The second option is to file your 2015 tax return before April 15th, or in the case of SDOP, June 15th. This will shift your submission period to 2013 to 2015. To me, it seems...