IRS Streamlined Tax Amnesty Program For U.S. Expats – Time Could Be Running Out

U.S. tax consultant Scott Shapiro gives a quick overview of the IRS' Streamlined Program which is still open for U.S. expats, but only just.

At the time of writing, all U.S. citizens living and/or working abroad are obliged to file an annual income tax return as well as FBARs (Financial Bank Account Reports). They must do this even if they don't have any financial or income ties to the United States.

Many U.S. expatriates are finding themselves harangued by their banks in relation to FATCA rules (Foreign Account Tax Compliant Act). However, there is a tax amnesty program which offers U.S. expats protection from fierce penalties, but it does require them to provide a few back years of filings. Known as the 'Streamlined Program', it is still open and available to them.