Harrison Swift

Harrison Swift

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US Disclosure

We can assist taxpayers whose US tax filings are late or incorrect by helping to identify the best route to disclosure.

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US Disclosure Requirement

Information sharing between HMRC, the IRS and other tax authorities through the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS), has made the assets, income & capital gains of taxpayers more visible to tax authorities around the world.

If you have bank accounts, investment accounts, businesses, real property, trusts and other assets then you may have a disclosure requirement.

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+44 (0)2034354425

US Federal

The IRS has several routes available to bring your tax affairs up to date. These include:

  • Streamlined Foreign Offshore Procedure

  • Streamlined Domestic Offshore Procedure

  • Various voluntary disclosure programs

  • Delinquent FBAR Submission Procedure

  • Delinquent International Information Return Submission Procedures

It could be the realisation that you have failed to report your bank accounts on your Foreign Bank & Financial Account Report (FBAR) or it could be the property sale you forgot to declare, many things may trigger the need to make a disclosure.

We have experience in helping taxpayers file under all of these programs.

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Tax Filing Services

Streamlined Foreign Offshore Procedure (SFOP)

For US citizens and lawful permanent residents living outside the US, the SFOP is usually the way these taxpayers would declare their late filings or mistakes to the IRS.

This procedure is the least burdensome of the main disclosure programs. If the SFOP is accepted by the IRS it also has low penalties (compared to other filing routes) and will draw a line under any historic non-compliance. Historically, where the conditions are met, there has been great success and piece of mind for taxpayers in filing under this program.

Frequently Asked Questions About US Disclosure

In order to qualify to make a disclosure under the Streamlined Filing Procedure, you need to be non-wilful (AKA you didn’t do it on purpose) and you must have unreported overseas income or assets.