You work one-on-one with Clark Shi, CPA, CMA, MBA. Not an admin, not a junior.
“I had foreign accounts in India and was three years behind on FBAR. Clark walked me through Streamlined Filing. Zero penalties.”
Tell us what you think you missed.
The basics, explained plainly
If you have foreign accounts, foreign investments, a foreign company, a foreign gift, or foreign income you never reported, the IRS Streamlined Filing Compliance Procedures let non-willful taxpayers catch up, usually with reduced or zero penalties. Here are the answers to the questions almost every client asks us first.
A path for non-willful taxpayers to catch up on unfiled foreign forms and unreported foreign income. You file three years of amended returns and six years of FBARs and certify non-willfulness. SDOP is for U.S. residents; SFOP is for people living abroad.
For most non-willful filers, penalties are reduced or eliminated. SFOP (living abroad) carries no penalty. SDOP (U.S. resident) carries a one-time 5% miscellaneous offshore penalty on the highest year-end value of the unreported accounts. When only the FBAR was missing and all income was reported, the Delinquent FBAR procedure usually carries no penalty.
No. We file them together in one engagement. FBAR, Form 8938, Form 8621 (PFIC), Form 5471, Form 3520, and Form 1116 are reconciled with each other so nothing contradicts, which is exactly where quiet, piecemeal filings go wrong.
The Streamlined Procedures require three years of amended tax returns and six years of FBARs. We prepare all of them together so your catch-up is complete at once.
No. Filing late returns quietly, outside the program, forfeits the penalty protection Streamlined provides and can look willful. The Streamlined Procedures are the sanctioned path. We confirm you qualify with a readiness review before filing anything.
Free, no-obligation, same-day reply.
Behind on a Past Return?
Do not wait until you receive a notice. Get compliant now and protect your assets.
An account overseas that ever crossed $10,000, including one you forgot. FBAR (FinCEN 114) and Form 8938 were never filed.
Our Fix
We file the FBAR and Form 8938 and catch up prior years under the Streamlined Procedures.
Non-US funds, a UK ISA, or a Canadian TFSA are almost always PFICs, and Form 8621 was never filed.
Our Fix
We identify every PFIC, run the QEF or Mark-to-Market election, and file Form 8621 correctly.
You own part of a business outside the US, even a small consulting company. Form 5471 and GILTI were missed.
Our Fix
We set your filing category, complete Form 5471, and calculate GILTI and Subpart F.
Money or property from family abroad over $100,000. Form 3520 is due, with penalties up to 25%.
Our Fix
We prepare Form 3520 and request late-filing abatement with a reasonable-cause statement.
Foreign salary, rental, or pension income, where you may have been taxed twice or never reported it.
Our Fix
We apply the Foreign Tax Credit (Form 1116) or FEIE (Form 2555) and amend the years you missed.
An RRSP, Canadian wages, or a cross-border move your US return never reflected.
Our Fix
We handle US-Canada cross-border filings, RRSP treaty treatment, and the catch-up returns.
The IRS Streamlined Filing Compliance Procedures let eligible non-willful filers catch up on unfiled FBARs and unreported foreign income, usually with no penalties for qualifying taxpayers.
Disclosing late under the Streamlined Procedure is almost always safer than waiting. If it isn't the right path for your situation, we'll tell you that up front.
Get a flat-rate quoteWhat We Handle
Every filing, every form, handled by specialist CPAs.
The full IRS Streamlined program for non-willful filers: three years of amended returns, six years of FBARs, and the non-willful certification (Form 14653 or 14654). SDOP for US residents, SFOP if you live abroad. Penalties typically reduced to zero.
For filers whose only gap is the FBAR or FATCA form. Filed under the Delinquent Submission Procedures, usually with no penalty when foreign income was already reported.
Foreign mutual funds, ETFs, and foreign investment accounts identified as PFICs, with QEF, Mark-to-Market, or Section 1291 treatment chosen for the lowest tax, and prior-year filings caught up.
Missed foreign-corporation filings brought current with reasonable-cause statements under the Delinquent International Information Return procedures. GILTI and Subpart F calculated. 99% resolution rate.
Foreign gifts and inheritances over $100,000, and foreign trust reporting, prepared with late-filing abatement where a deadline was missed.
Foreign Tax Credit (Form 1116) and FEIE (Form 2555) applied correctly, and amended returns filed for the years foreign income was missed, so you stop paying twice.
Not sure which service you need?
Speak to an International Tax ExpertClient Stories
Common situations and how we resolved them
“I had foreign accounts in India from before I moved to the US, and nobody had ever explained FBAR to me. By the time I found out, I was three years behind. Clark walked me through the Streamlined Filing process, we submitted everything, and I ended up with zero penalties. Worth every dollar just for the peace of mind.”
Priya S.
Streamlined Filing
“Living in Singapore for work, my previous CPA kept botching the Foreign Earned Income Exclusion and I kept getting surprise tax bills. Clark actually understands Form 2555 and the foreign housing exclusion. First year working with him, I saved about $14,000 on my federal return.”
David H.
Expat Tax Returns
“I set up a UK Ltd for my consulting work and had no idea I was supposed to file Form 5471 every year. TS CPA caught it in our first meeting and got me compliant before the IRS noticed. They handle the annual GILTI and Subpart F calculations now, and the fee is flat, not hourly. I know what I'm paying each year.”
Marcus L.
Foreign Corporation
“My mother passed away in Korea and I inherited around $400,000. I had no idea Form 3520 existed. Two other CPAs told me they couldn't help. Clark had the filing drafted within a week and walked me through every line in plain English. No IRS letters, no stress.”
Jennifer K.
Foreign Inheritance
“I have a rental property in Guadalajara and a consulting job in California. Between FBAR, FATCA, Mexican tax credits, and the rental income, my return was a mess every year. Clark untangled all of it, got me the foreign tax credits I'd been missing, and I got a refund for the first time in four years.”
Ana R.
Dual Citizen Filings
“I came back to California after six years in Germany with a stack of European mutual funds that apparently are all PFICs. Two prior CPAs quietly ignored them. Clark identified them, ran the QEF elections, and put together a clean filing. He also caught a treaty position I'd been missing, and that saved me about $9,000.”
Sophia T.
PFIC Filings
Start with a free, no-obligation conversation. Most clients hear back within 3 hours.