Streamlined Filing Compliance Procedures for Americans in the UK: Your Path to Stress-Free US Tax Filing
We charge a flat fee of £1,999.95 for each tax year that needs to be filed with the Internal Revenue Service (IRS) for Streamlined Filing Compliance Procedures
Why Choose Optimise Accountants for Your US Tax Filing?
At Optimise Accountants, we offer a specialized service that takes the stress out of filing back taxes for Americans living in the UK. Here’s why you should choose us:
Expertise with US and UK Tax Law: As qualified Enrolled Agents (EAs), we have in-depth knowledge of both United States (US) and United Kingdom (UK) tax systems. We understand the complexities of being an expat and can navigate the intricacies of filing taxes in two countries.
Comprehensive Service: We offer full-service assistance, from filing back taxes to submitting your FBARs and ensuring all forms are completed accurately.
Minimize Penalties: Our team specializes in helping you minimize IRS penalties through the Streamlined Filing Compliance Procedures. We’ll make sure you file everything correctly and on time.
Proven Track Record: We’ve helped countless Americans in the UK resolve their tax filing issues, and our clients appreciate the personal attention and care we provide.
Living in the UK as an American expat brings plenty of exciting opportunities, but it also comes with its own set of challenges—especially when it comes to US tax obligations. According to the IRS, approximately 9 million US citizens currently reside abroad, with many unaware of the complex tax requirements that come with living overseas. If you haven’t filed your US tax returns for the past few years, you might be feeling overwhelmed about how to get back on track.
Thankfully, there is a solution that could save you from heavy IRS penalties and fees: Streamlined Filing Compliance Procedures. As Enrolled Agents (EAs) with years of experience in both US and UK tax law, we specialize in helping Americans in the UK file their back taxes quickly and efficiently, without the risk of hefty penalties.
If you’re an American in the UK who hasn’t filed taxes for a few years, the Streamlined Filing program could be the best option to bring your tax situation back into compliance. Let us help you navigate the IRS process and get your filings sorted with expert assistance from our team of qualified Enrolled Agents.
How We Can Help: Expert Assistance from Enrolled Agents (EAs)
At Optimise Accountants, we specialize in helping US expats in the UK use the Streamlined Filing Compliance Procedures to catch up on their tax filings. Our team of Enrolled Agents (EAs) are licensed by the IRS, making them the most qualified professionals to represent you before the IRS and help you file your tax returns correctly. We also have expertise in UK tax law, which is essential when dealing with cross-border tax matters.
Here’s how we can help you navigate the Streamlined Filing process
Assess Your Situation
Before moving forward, we’ll assess your filing history to determine whether the Streamlined Filing Compliance Procedures are your best option. Our team will evaluate your circumstances, including how many years you need to catch up on and whether your failure to file was non-willful.
It is essential to establish the filing requirements and whether you are eligible to file under Streamlined Filing Compliance Procedures. We will inform you that you qualify for the streamlined filing compliance.
File Your Back Taxes
We’ll guide you through filing your back taxes for the last three years. We’ll ensure all necessary forms, such as Form 1040, are completed accurately, and that all eligible credits and deductions are applied. You will need to issue your Social Security Number (SSN) to file with the Internal Revenue Service (IRS).
Submit Your FBARs
We’ll help you file your FBARs for the past six years if you have foreign bank accounts. Filing an FBAR is a requirement for US citizens with foreign accounts totalling more than $10,000 at any point during the year, and failing to file can result in severe penalties.
File Corrective Documents with the IRS
We’ll submit the necessary documents to the IRS and include a statement explaining why you failed to file previously, making the process as seamless as possible.
Minimize Your Penalties
The goal of Streamlined Filing Compliance is to minimize penalties. In most cases, you will not face the failure-to-file or failure-to-pay penalties, though there may be minimal penalties if certain tax amounts were underpaid. Our team will work to ensure you pay only what is necessary and avoid the maximum penalties.
What Are Streamlined Filing Compliance Procedures?
The Streamlined Filing Compliance Procedures are designed for Americans who have failed to file US tax returns or FBARs (Foreign Bank Account Reports) in the past but were non-willful in their omission. This means that they didn’t intentionally evade taxes but missed the filing deadlines, often due to lack of knowledge or misunderstanding of the requirements.
The program offers a way to file back taxes for the last three years of tax returns and six years of FBARs without incurring severe penalties. This is a significant relief for many expatriates who may have inadvertently failed to file taxes while living abroad.
Form 14653, “Certification by U.S. Person Residing Outside of the United States for Streamlined Foreign Offshore Procedures,” is used by U.S. citizens or residents living abroad to certify their non-willful failure to file tax returns or report foreign financial accounts. This form is an essential part of the Streamlined Filing Compliance Procedures, allowing individuals to come into compliance with the IRS without facing penalties for past non-filing.
Key benefits of Streamlined Filing Compliance Procedures include:
1-No failure-to-file penalties or failure-to-pay penalties (for most cases)
2-Avoidance of civil penalties if the failure to file was non-willful
3-Simplified procedures for bringing your tax situation up to date
For Americans in the UK who need to get caught up, this is an invaluable tool to restore compliance and avoid hefty IRS penalties.
Moving from California to London
Sarah, a US citizen from California, moved to London for work in 2015. She wasn’t aware of her obligation to file US taxes while living abroad and missed filing for three years. When she contacted us in 2023, our Enrolled Agents helped her file three years of tax returns and submit six years of FBARs through the Streamlined Filing Compliance Procedures. By doing so, Sarah was able to avoid significant penalties and get back in good standing with the IRS.
5 Common Questions
Q1: Am I eligible for Streamlined Filing Compliance Procedures? A1: If you are a US citizen living in the UK and have missed filing taxes for the last three years but were non-willful in your failure, you may be eligible for this program.
Q2: How much does it cost to use Streamlined Filing Procedures? A2: The cost depends on your unique situation, including how many years you need to file and how complex your tax situation is. Contact us for a tailored quote.
Q3: Do I need to submit an FBAR with my tax returns? A3: Yes, if you have foreign bank accounts that total more than $10,000 at any point in the year, you must submit an FBAR along with your tax return.
Q4: Will I be penalized for filing late taxes? A4: Under the Streamlined Filing Procedures, most individuals will not face severe penalties, but there may be minor penalties for unpaid taxes.
Q5: How long does it take to complete the Streamlined Filing process? A5: The process can take anywhere from 3 to 6 months, depending on the complexity of your case and the speed at which the IRS processes your documents.
Ready to Get Back on Track? Don’t let overdue US taxes keep you up at night. Contact us today to learn how the Streamlined Filing Compliance Procedures can help you resolve your tax issues without facing severe penalties. Let Optimise Accountants help you regain your peace of mind and stay compliant with US tax laws while living in the UK!