Is an IRS Streamlined Disclosure Always Your Best Option or Not (Golding & Golding, Board Certified)

www.expatriati...
Is an IRS Streamlined Disclosure the Best Option?
For a majority of U.S. Taxpayers (living abroad or in the U.S.), when they are out of compliance for failing to report various foreign accounts, assets, investments, and slash or income -- and are non-willful --they will qualify to make a streamlined disclosure to the Internal Revenue Service and limit or possibly avoid international information reporting penalties. And, even though taxpayers may qualify for other versions of offshore disclosure, in general, the IRS streamlined disclosure is a great option for taxpayers. It allows the applicant to submit the documentation -- along with a signed certification -- and while they do not receive a closing letter similar to the IRS Voluntary Disclosure Program the matter is resolved. While the IRS can come back and try to audit the taxpayer after the fact, the chance is relatively small. And even if they are audited, the taxpayer has a higher burden than, if for example, the taxpayer did not submit to the streamlined disclosure. But, sometimes a Streamlined Disclosure is simply not the best option. Let's look through some of the scenarios and alternatives for taxpayers who may not qualify or are not eligible for the streamlined disclosure.