Streamlined Domestic Offshore Procedures

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slamarre
Posts: 23
Joined: Tue Nov 08, 2005 12:15 pm

Streamlined Domestic Offshore Procedures

Post by slamarre »

*** Posting again since my last post had spam/junk replies ***

Anyone here familiar or used the Streamlined Domestic Offshore Procedures with the IRS?

We have Retirement Accounts (More than $150,000 USD) in Canada that we did not know we had to report on Form 8938 and FBAR. We are about 10 years from retirement. Also we are not getting ANY distributions and not making ANY contributions whatsoever for those retirement accounts.

The procedure seems relatively easy to follow but wondering if someone here went through this process.

Anyone can share the letter/narrative they used to send their SDOP?

Note: "Per the IRS: See Rev. Proc. 2014-55, § 7. Your Canadian retirement plan will not be included in the 5-percent penalty base. In the narrative statement of facts on Form 14654, please state that you are an "eligible individual" under Rev. Proc. 2014-55."

Thank you.
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