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Amending a Streamlined Submission

November 17, 2016

On its amended FAQ page, the IRS states that in order to amend a Streamlined submission, a taxpayer can do the following:

 

Correct the error by providing the IRS with an amended return, FBAR, or Form 14653 (the Streamlined certification form), depending on where the error lies.

 

On the top of the certification form, write “amended” in red ink, and on the top of the first page of each corrected amended tax return write “Amended Streamlined Foreign Offshore” in red ink.

 

If the taxpayer made a mistake in filing FBARs with FinCEN, he or she must efile amended FBARs with FinCEN.

 

Explain all facts and circumstances concerning the error in the original Streamlined submission.

 

See Q16 at https://www.irs.gov/individuals/international-taxpayers/streamlined-filing-compliance-procedures-for-u-s-taxpayers-residing-in-the-united-states-frequently-asked-questions-and-answers?_ga=1.188945323.1271808174.1466348012 which also states along with examples:

 

Mail the amended submission to:

 

IRS
3651 S. IH 35
MS 6063 AUSC
Attn.: Streamlined Procedures
Austin, TX 78741

 

Example 1 (corrected amended tax returns and amended Form 14654): The taxpayer made an SDO submission on February 1, 2016, and she just realized she failed to include a foreign financial asset on Form 14654 and include that asset in the SDO penalty base. Additionally, she failed to include income from that omitted foreign financial asset on her Forms 1040X for the tax periods in her Streamlined submission, tax years 2012, 2013, and 2014. She must provide amended income tax returns for tax years 2012, 2013, and 2014, an amended Streamlined certification on Form 14654, and payment for increases in tax, interest, and the SDO MOP. The amended Form 14654 must include all facts and circumstances concerning the error in the original Streamlined submission. Additionally, if the taxpayer made a mistake in filing her FBARs with FinCEN, she must efile amended FBARs with FinCEN.

 

Example 2 (amended Form 14654 only): The taxpayer made an SDO submission on February 1, 2016, and she just realized she failed to include a foreign financial asset on Form 14654 and include that asset in the SDO penalty base. She fully reported all income from the foreign financial asset on her amended income tax returns in her original Streamlined submission. She must provide an amended Streamlined certification on Form 14654, and payment for the increase in the SDO MOP. The amended Form 14654 must include all facts and circumstances concerning the error in the original Streamlined submission.  Additionally, if the taxpayer made a mistake in filing her FBARs with FinCEN, she must efile amended FBARs with FinCEN.

 

 

 

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