# CPA referrals



## lezzfrancis (Oct 27, 2017)

Hello Good People,

I realized that I did not report all of my foreign accounts in FBAR. For some reason, I thought only accounts which had more then $10K have to be reported. Also a paltry $600 that I received as dividends from foreign mutual funds were not reported under my income. 

I am planning to file under Streamlined Foreign Offshore Disclosure as I only moved to the US in Oct 2015. Can anyone suggest a reasonably priced CPA who has dealt with "Streamlined Foreign Disclosure" before please?

Also how easy it is to do it yourself? 

Thank you in advance. 

Cheers


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## Bevdeforges (Nov 16, 2007)

If you are currently living in the US you may well NOT be eligible for the Streamlined Offshore procedure. Over on the right side of this page, there are two separate links, one for the program for US residents and the other for those residing outside the US. https://www.irs.gov/individuals/international-taxpayers/streamlined-filing-compliance-procedures

Frankly, it's a common misconception that only accounts over $10K have to be reported. But unless you have vast holdings, chances are they won't come back at you for missing a couple of small accounts. Just be sure to report things properly going forward.
Cheers,
Bev


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## Moulard (Feb 3, 2017)

I believe there is a separate streamline domestic offshore program for those in the US, however if you have only actually ever been required to file US taxes since 2015 I am not sure that those programs are really targeting you. I believe that both of the on- and off-shore versions are really aimed at those who have never filed correctly over significant periods.

If it is simply the 2015 and 2016 returns you are wanting to update (you don't make it clear if you needed to file before you were in the US) then you should simply be able to file amended returns and delinquent FBARs.

After you have submitted those, then submit your 2017 return... if necessary, apply for the automatic extension.


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## FairWindsTax (Nov 9, 2017)

The above replies contain a very important kernel of truth: the US Treasury is looking to apply the reduced penalties mainly to those with significant overseas financial accounts who voluntarily come forward. You seem to be saying that your accounts total just over $10,000, so you are not what the US Federal government generally considers a target for the streamlined procedure. I would agree with the recommendations that you can electronically file your own FBARs for the years you exceeded the threshold amount -- then continue filing FBARs (and US Tax returns, if applicable) going forward.


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## lezzfrancis (Oct 27, 2017)

Bevdeforges said:


> If you are currently living in the US you may well NOT be eligible for the Streamlined Offshore procedure. Over on the right side of this page, there are two separate links, one for the program for US residents and the other for those residing outside the US.
> 
> Frankly, it's a common misconception that only accounts over $10K have to be reported. But unless you have vast holdings, chances are they won't come back at you for missing a couple of small accounts. Just be sure to report things properly going forward.
> Cheers,
> Bev


Thanks Bev. As per IRS and some websites I am eligible. Text from one of the websites: "U.S. Citizen or Green Card Holder --- 
For the last three tax years – that is tax years before the current one – the individual must not have had a U.S. “abode” or not have been in the United States for more than a total of 330 days. In this case, abode means where you maintain your economic, family, and personal ties." - I cant post the link as I dont have enough posts!

I had roughly $30K in one account which was reported but I missed on UK pensions and some Indian Mutual Funds. I think in total it would be 70K+. Do you think I should just update going forward?


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## lezzfrancis (Oct 27, 2017)

Moulard said:


> I believe there is a separate streamline domestic offshore program for those in the US, however if you have only actually ever been required to file US taxes since 2015 I am not sure that those programs are really targeting you. I believe that both of the on- and off-shore versions are really aimed at those who have never filed correctly over significant periods.
> 
> If it is simply the 2015 and 2016 returns you are wanting to update (you don't make it clear if you needed to file before you were in the US) then you should simply be able to file amended returns and delinquent FBARs.
> 
> After you have submitted those, then submit your 2017 return... if necessary, apply for the automatic extension.


Hi Moulard,

Yes. I only came in, in 2015 and before that I wasnt required to file US tax returns. From what I read, if you have been in the US more than three tax years, then you only qualify for Domestic. If its less than three, then you qualify for Foreign.


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## lezzfrancis (Oct 27, 2017)

FairWindsTax said:


> The above replies contain a very important kernel of truth: the US Treasury is looking to apply the reduced penalties mainly to those with significant overseas financial accounts who voluntarily come forward. You seem to be saying that your accounts total just over $10,000, so you are not what the US Federal government generally considers a target for the streamlined procedure. I would agree with the recommendations that you can electronically file your own FBARs for the years you exceeded the threshold amount -- then continue filing FBARs (and US Tax returns, if applicable) going forward.


What would you consider as significant. I declared one account with $35K or so but missed out on others totaling 30-35K


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