Guide
You filed Streamlined. Now what?
The envelope's in the mail and the FBARs are filed. Here's what usually happens next, what doesn't, and how to make sure you never have to do this again.
Reviewed by Lewis Grunfeld, CPA · 5 min read
The short version
- There's no "you're accepted" letter. Silence is normal, and usually good.
- Processing paper returns can take several months.
- You might get routine notices, like a balance due for interest or a request for a missing page.
- From now on, file every year on time, and the problem stays solved.
1A realistic timeline
- Right awayFBARs filed online get a confirmation from FinCEN.
- In the following monthsThe IRS processes the paper returns. Your IRS account transcript eventually shows them as filed.
- If tax was dueAny difference in interest may arrive as a notice. Refunds, where allowed, come by check or deposit.
No news is the normal outcome.
2Notices you might get
- Interest adjustments. A small bill if interest was figured to a different date.
- Requests for information. A missing signature or schedule. Easy to answer.
- Penalty notices sent by mistake. Occasionally a penalty is assessed in error during processing; it can be contested by pointing to the Streamlined filing.
Clients: forward any IRS letter to us right away. Most take minutes to resolve.
3Audits
Streamlined returns aren't automatically audited. They can be selected like any return. If one is examined, the IRS has said that the Streamlined penalty relief still applies, unless the examination finds fraud or a willful FBAR violation.
4Staying compliant
- File your U.S. return each year (due June 15 for Americans abroad, or October 15 with an extension).
- File your FBAR each year by October 15.
- Keep your local tax documents and year-end account statements in one place.
- Ask before buying foreign investment funds, which can create complex U.S. reporting.
Streamlined is meant as a one-time fresh start. If a later year slips, the other routes are compared in IRS tax amnesty options for expats.
Want us to handle every year from now on? Many clients do.
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Reviewed by Lewis Grunfeld, CPA. General information, not advice for your specific situation.