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streamlined domestic offshore procedures

Kat409 — Wed, 23 Apr 2025 16:24:10 GMT

Hello, I came to discover some unreported foreign accounts and foreign income after I filed the original 2024 tax returns end of Feb 2025. I e-filed the amended 2024 return (both federal and NC state) to include the omitted foreign income (about $3k) and 2024 FBAR in first week of Apr 2025. Then I worked to gather the historical information for 2019 to 2023 FBAR. The unreported income for 2022 and 2023 is less than $2K each year. Should I wait until after my amended 2024 returns processed by IRS before filing the streamlined domestic offshore procedures? Also how should I deal with the NC state return amendment for 2022 and 2023 - should I just e-file the amendment, since I will need to submit paper returns for the streamlined domestic offshore procedures? thanks

Re: streamlined domestic offshore procedures

RobertB4444 — Wed, 23 Apr 2025 16:33:24 GMT

You don't need to wait for the 2024 filing to be completed before filing the offshore procedures.

I would just efile NC if you can.

@Kat409

Re: streamlined domestic offshore procedures

Kat409 — Wed, 23 Apr 2025 16:49:42 GMT

Since I already e-filed Form 1040X for 2024 and paid the additional tax, when I submit for the SDOP, do I just attach a Form 1040X showing no changes/ no additional tax paid (and marking SDOP in Red on top) to the already amended 2024 returns? I read somewhere that I still need to include 3 years of amended tax returns even though I only need to correct 2022 and 2023 (in my case). Thanks again!

Re: streamlined domestic offshore procedures

RobertB4444 — Wed, 23 Apr 2025 16:56:09 GMT

Amend 2022 and 2023 and then include all three years (2022, 2023, 2024) when you file the SDOP.

@Kat409

Re: streamlined domestic offshore procedures

Kat409 — Mon, 28 Apr 2025 13:57:35 GMT

@RobertB4444 do I need to include a copy of the FBARs (most recent 6 years) in the SDOP submission to IRS. I will be e-filing the FBARs on BSA E-Filing website? Thanks!

Re: streamlined domestic offshore procedures

RobertB4444 — Mon, 28 Apr 2025 16:13:41 GMT

Yes, you will file on the BSA website.

@Kat409

Re: streamlined domestic offshore procedures

Kat409 — Mon, 28 Apr 2025 17:00:32 GMT

@RobertB4444 do I also need to include a copy of the FBAR in the SDOP submission mailed to IRS?

Re: streamlined domestic offshore procedures

RobertB4444 — Mon, 28 Apr 2025 20:17:49 GMT

If you are looking for amnesty from the SDOP program I would include all relevant information with the submission. Showing that you have satisfied the FBAR requirements sure can't hurt.

@Kat409