# Amending Streamlined Procedure?



## P123 (Dec 2, 2015)

Hi all

I have found myself on this forum more and more recently because over the last few weeks I've realized I made mistakes on my original Foreign Offshore Streamlined Procedure.

The mistakes on my original submission are time based. I mixed up some dates of when I received a gift and filed it for the wrong year. That one mix up throws off the accuracy of my 3520, 8938 and fbar for two years. The amounts are the same, though there may be a slight difference (we are talking a thousand dollars or so). 

I read yesterday that the Irs just released guidelines for amending the Streamlined Procedure. It seems fairly straightforward. See link at look at Q.9

https://www.irs.gov/individuals/int...states-frequently-asked-questions-and-answers

Has anybody on here done this or is anybody thinking of doing this?

I could wait to see if I am ever audited but with my nerves I don't see the point. I figure safe is better than sorry. Or am I worrying too much?

Does amending look bad? 

I mean, isn't it better to get all the forms complete and accurate rather than sit and wait and worry?

Thanks for those of you who have been so kind in the past with offering advice and tips, it has been a real help through this journey.


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## Bevdeforges (Nov 16, 2007)

To be blunt about it, the term "accurate" isn't entirely applicable in circumstances like these. 

The IRS still has somewhat limited visibility into "foreign" financial transactions - despite what they want you to believe. If you reported everything you needed to report but got a date or two wrong, it's highly unlikely that will ever flag up on their data base and even then, it only will create an issue if it changes the amount of taxes due by a significant amount.

If it makes you feel better, by all means amend the returns, following the instructions cited in your link. But consider that less than 1% of all returns filed are audited. And those selected for audit generally involve "significant" amounts of potential tax or obvious errors or omissions. It's really up to you.
Cheers,
Bev


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## P123 (Dec 2, 2015)

Thanks Bev,

Whilst I agree with your overall sentiment, when I read about the statute of limitations never running out on incorrect forms and the penalties (that alone send a shiver down my spine) I can't help but want to be overly cautious.


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## Bevdeforges (Nov 16, 2007)

The statue of limitations never runs out on undeclared income. But on simple errors on the forms, it only runs 4 years.If you declare something in the wrong year, but still declared it, it's an error, not an undeclared item.

But it's up to you. You have to choose whatever lets you sleep at night.
Cheers,
Bev


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## julienrialan (Sep 26, 2016)

Hello,
I have sent my SFO 2 months ago and just realized that I included my interest in the FEIE instead of the personal deduction. Should I amend ? Or will the IRS correct it ? 
I also read stories about the IRS rejecting the full procedure if you make mistakes. 
What would you do ?
Many thanks, 
Julien


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## Bevdeforges (Nov 16, 2007)

Unless the mistake you made resulted in a "significant" change in the amount of taxes you owed, I wouldn't worry about it. People make mistakes all the time on their tax forms.

If they question you about it, it was a mistake. They might just send you a bill for the difference you hadn't already paid. Or they might just not bother.
Cheers,
Bev


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## P123 (Dec 2, 2015)

julienrialan said:


> Hello,
> I have sent my SFO 2 months ago and just realized that I included my interest in the FEIE instead of the personal deduction. Should I amend ? Or will the IRS correct it ?
> I also read stories about the IRS rejecting the full procedure if you make mistakes.
> What would you do ?
> ...


If that was your only error I really would not worry about it. The important thing in these filings is that you've taken positive action to get into compliance. I highly doubt your submittal would be rejected for such a small oversight.


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