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IRS Updates FAQs For Streamlined Compliance Procedures

by Scott Hamilton, Tax-News.com, Washington

29 July 2016


The Internal Revenue Service (IRS) has added to its list of frequently asked questions (FAQs) on the Streamlined Filing Compliance Procedures for US individual taxpayers residing in the United States, to include the requirement that applicants need to be in possession of a valid Social Security number (SSN).

The streamlined procedures enable individual taxpayers to correct prior omissions and regularize their affairs, while taking advantage of a reduced five percent penalty. They are available to taxpayers certifying that their failure to report foreign financial assets and pay all tax due in respect of those assets did not result from willful conduct on their part, with the proviso that the IRS has not already initiated a civil examination of their returns for any taxable year.

The FAQs confirm that, if a taxpayer is eligible for an SSN but does not have one, he or she may not use the streamlined procedures. The terms of the procedures require a valid Individual Taxpayer Identification Number (ITIN). For US citizens, resident aliens, and certain other individuals, the proper ITIN is a valid SSN.

Individuals who are not eligible for an SSN or ITIN will not be processed under the streamlined procedures, and the IRS will process such returns subject to penalties applicable outside of the procedures.

TAGS: individuals | compliance | tax | tax compliance | revenue guidance | law | Internal Revenue Service (IRS) | tax authority | United States | penalties | individual income tax | Compliance | Tax

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