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. 

Nobody knows how long this amnesty will last. So use it while you can. Just call us if your US tax is troubling you. We deal with late filing issues all the time.

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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.

Liability limited by a scheme approved under Professional Standards Legislation.

 

Last Updated on 27 October 2020