# Streamlined



## UKSpark (Jan 17, 2016)

Hello all,

Cheers for the responses to my previous pleas for help/advice; im back again! 

As mentioned previously I'm delinquent on some years worth of returns, plus I need to complete 6 FBARS. After some investigation I've found most tax advisors want upwards of £2000 to do the work!

I'm now considering trying to use the IRS's streamlined system myself.

I'd like to know if this is advisable? I used to do my own tax as a much younger man but this was only the 1040-ez we're talking about. Is this streamlined system something someone can use common sense to "muddle through"? I've not tried yet as I'm petrified of self-incrimination.

Please be brutal with your honesty, thanks in advance!


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## Bevdeforges (Nov 16, 2007)

Like most things, it depends entirely on how complicated your financial life is. But if your main source of income is your job plus a bit of bank interest, it's actually quite simple. If you've got UK retirement funds (other than the standard government mandated pension) it can get a bit more complicated though nothing you can't handle yourself).

Key thing is to find a software you can use (even if only to prepare the returns - you may or may not be able to e-file at this point) to do the current year's filing - calendar year 2015. When you're satisfied with the return, save yourself a copy (always a good idea anyhow) and then use that as a model for the three years you have to backfile. You'll have to use the proper years' forms, but those are all available in pdf form on the IRS website, and the backfile returns you have to mail in anyhow.

https://www.irs.gov/Individuals/Int...-Taxpayers-Residing-Outside-the-United-States
Cheers,
Bev


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## ForeignBody (Oct 20, 2011)

UKSpark said:


> Hello all,
> 
> Cheers for the responses to my previous pleas for help/advice; im back again!
> 
> ...


As Bev says, it depends on the complexity of your affairs. That will also influence the degree of risk you face. If you are well organized and feel able to follow instructions meticulously, then give it a shot.

What you can certainly do is file the FBARs. These are needed for the streamlined procedure anyway. That will take you an important step towards compliance.


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## UKSpark (Jan 17, 2016)

Cheers for this; can anyone recommend tried and tested tax software?


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## Bevdeforges (Nov 16, 2007)

Take a look at this thread: http://www.expatforum.com/expats/ex...reparation-software-international-issues.html

It seems like the rules for tax preparation software have changed this year, so we have yet to get back any reports about how the various software preparers have worked out for 2015. There are, however, some references to current reviews of the various tax preparation software.
Cheers,
Bev


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## UKSpark (Jan 17, 2016)

Having done a bit of research, Taxslayer doesn't deal with FBARS...I like the look of Taxslayer however, so I'm wondering if it's possible to do the bulk of my delinquent returns using TS but do the FBARS separately. Is this possible all you intelligent people?


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## BBCWatcher (Dec 28, 2012)

Tax preparation software doesn't generally prepare FinCEN Form 114 because FinCEN Form 114 isn't part of your tax return. It's a completely separate report, separately required, with separate thresholds. So yes, of course you can prepare FinCEN Form 114 separately.


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## Bevdeforges (Nov 16, 2007)

Since the FBARs must be filed electronically from the FinCEN site, there is no form for them included in the tax preparation packages. (Technically they are separate reporting obligations anyhow.) 
Cheers,
Bev


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## ForeignBody (Oct 20, 2011)

Just start here:

BSA E-Filing System - Welcome to the BSA E-Filing System

It is relatively straightforward, but tedious!


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