Unreported foreign income. A submission that fits the procedure, with the numbers shown.

Describe what was missed and how. CitedTax tests which procedure fits, sets out the years that remain open, computes the tax, the interest and the 5% offshore penalty, writes the non-willful certification narrative from the client's own account, and lists every return and FBAR to file with it.

Create your firm account Read a sample offshore disclosure

At a glance

Cost: 1 credit ($25)
You provide: the facts: the accounts or income, the years, the amounts, how it arose, and whether the IRS has made contact
You receive: the submission in your firm's name: eligibility, the certification narrative, the year-by-year computation, the offshore penalty, and the filings to enclose
Turnaround: about thirty minutes

Credits never expire. A request that fails on our side returns its credits automatically.

What you get

Three things to count on.

Streamlined or voluntary disclosure

Non-willful conduct goes to the streamlined procedures; willful conduct goes to the Criminal Investigation practice with its own penalty framework; the letter says which and why.

The years and the penalties computed

The open years under section 6501, the FBAR and Form 8938 penalties that would otherwise apply, and the offshore penalty on the highest balance, shown year by year.

The certification narrative

The reasons the failure was non-willful, written for Form 14654 from the facts, never assumed.

A worked example

An inherited Italian bank account unreported for seven years

The submission uses the Streamlined Domestic Offshore Procedures, amends the three most recent returns with the income and Form 8938, files six years of FBARs, computes the 5% penalty on the highest balance, claims the foreign tax credit, and explains why the conduct was non-willful.

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