IRS Streamlined Procedures and the Nonwillful Certification (Video) (Course Id 2963)

Back in 2014, the IRS modified the streamlined filing procedures in order to accommodate a broader group of U.S. Taxpayers. These changes amount to the IRS's latest effort to promote tax compliance and to crack down on offshore tax evasion, which has been an agency priority for years. 

Experts predict that these programs will ease the financial and legal pain for almost 6 million expatriate Americans who live and work abroad, many of whom were utterly naive about FBAR-reporting. 

In this presentation, I'll discuss the FBAR; the FBAR-reporting regime; other international reporting forms besides the FBAR; major changes to the IRS streamlined procedures; what is its purpose and who is eligible for it; the two types of streamlined submissions; how to prepare a submission for each; traps for the unwary; frequently asked questions; the question of non-willfulness, what it means, and how to certify it; what is meant by a quiet disclosure; and practical and sound advice.

Course Learning Objectives

By the end of this course, you will be able to execute the following:

1. How does the definition of "willfulness" evolve within the context of the IRS's streamlined procedures, and what implications does this have for taxpayers trying to navigate compliance?
2. In what ways can the IRS's streamlined procedures be considered a double-edged sword for taxpayers with undisclosed foreign accounts?
3. Reflecting on the recent changes to the streamlined domestic and foreign procedures, how do you think these alterations impact the willingness of taxpayers to come forward with undisclosed foreign accounts?
4. What challenges might taxpayers face when attempting to certify non-willfulness, and how can they effectively overcome these challenges?
5. How does the concept of "willful blindness" complicate the determination of a taxpayer's eligibility for the streamlined procedures?
6. What are the potential consequences for taxpayers who incorrectly certify their non-willfulness under the streamlined procedures?
7. Considering the varying definitions of residency in the IRS guidelines, how might this lead to confusion for taxpayers living abroad?
8. How can taxpayers best prepare their documentation to support claims of non-willfulness when submitting under the streamlined procedures?
9. What role do external advisors (like tax preparers) play in guiding taxpayers through the streamlined compliance process, and what responsibilities do they have?
10. Given the potential penalties for non-compliance, how might fear influence a taxpayer's decision-making process regarding offshore accounts?
11. How can the experiences of "Canadian snowbirds" shed light on the complexities of the IRS's streamlined procedures for taxpayers with transient residency status?
12. In what ways might the streamlined procedures be improved to better serve taxpayers while ensuring compliance with U.S. tax laws?