So you you got a late 1040 while in Australia?
Late 1040 While in Australia
You are not alone. Happens to many. And often it is not just the 1040, but the FBAR as well.
The bad news is that this can cost you a lot of money if you don’t act. Think US$10,000 per FBAR you didn’t file.
The good news is that there is an IRS amnesty to get you out of this penalty-free. It’s called the IRS ‘Streamlined Procedures’. You still need to pay the actual tax plus interest, but at least the huge IRS penalties are off the table.
To qualify you show that your failure to file was not willful, meaning you didn’t do it with intention. You explain your personal and financial background and how it happened. We can guide you through this process.
The IRS Streamlined Procedures are only for individual taxpayers. Companies and partnerships are excluded.
MORE
IRS Amnesty Programs For US Citizens in Australia
Disclaimer: numba does not provide specific financial or tax advice in this article. All information on this website is of a general nature only. It might no longer be up to date or correct. You should contact us directly or seek other accredited tax advice when considering whether the information is suitable to your circumstances.
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Last Updated on 23 February 2021
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