{"id":1089,"date":"2014-09-03T11:55:56","date_gmt":"2014-09-03T16:55:56","guid":{"rendered":"http:\/\/www.patellawoffices.com\/blog\/?p=1089"},"modified":"2014-09-03T11:55:56","modified_gmt":"2014-09-03T16:55:56","slug":"new-irs-internal-procedure-guidance-for-streamline-filing-compliance-procedures-2","status":"publish","type":"post","link":"https:\/\/patellawoffices.com\/blog\/planning-for-tax-minimization\/new-irs-internal-procedure-guidance-for-streamline-filing-compliance-procedures-2\/","title":{"rendered":"New IRS internal procedure guidance for Streamline Filing Compliance Procedures"},"content":{"rendered":"

The IRS has published new IRS internal procedure guidance with IRM changes dated 8\/13\/14. \u00a0The guidance is numbered WI-21-0814-1244 and titled \u201cStreamline Filing Compliance Procedures for Accounts Management International IMF\u201d. \u00a0The guidance is\u00a0here<\/a>.<\/p>\n

The general legal rule is that IRM provisions are for the IRS’s internal guidance and confer no rights on the taxpayer.<\/p>\n

There are a few interesting observations:<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The IRS must determine if the certification is complete — a table checklist is provided in paragraph 7. One item they specifically check for is an open examination. (See par. 8, table).<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u201cTo complete adjustments on Form 1040X filed under the SDO: \u00a0<\/em><\/p>\n

6.\u00a0After making the assessment, refer any case with 5 or more foreign information returns (Forms 3520, 3520-A, 5471, 5472, 8938, 926, or 8621) by e-mailing the CIS ID number to “*LB&I OVDP Compliance” with an explanation that the case is being forwarded due to 5 or more foreign information returns.\u00a0Enter CIS notes indicating the case was referred to *LB&I OVDP Compliance “5 or more foreign income statements” \u00a0<\/em><\/p>\n

NOTE: The total of 5 forms is a combination of all years filed. For example submissions containing 3 Forms 5471 for 2011 and 3 Forms 5471 for 2012 would be referred since the total is 6. Submissions with a combination totaling less than 5 would not be referred.\u201d<\/em><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The above appears to sidetrack filings with 5 or more foreign information returns (Forms 3520, 3520-A, 5471, 5472, 8938, 926, or 8621). Therefore, taxpayers in such situation should be careful of the increased scrutiny.<\/p>\n

Persuasive advocacy is required to affirmatively and persuasively demonstrate credible legal grounds for non-willfulness. Do not disclose too much and beware of badges (evidence) of willfulness, blind willfulness, concealment, etc. \u00a0For more information see new IRM published.\u00a0It is very likely that the IRS will carefully monitor taxpayer filings with large accounts making fraudulent claims in the streamlined program and seek to punish them severely to send a warning.\u00a0 We have already started receiving follow up inquires from the IRS for some of our streamlined program filers.<\/p>\n

 <\/p>\n

The streamlined program offers a good option for many taxpayers with undeclared accounts. Our firm presented an informational webinar on the\u00a0Streamlined Filing Compliance Procedures. Materials from the webinar can be downloaded here:\u00a0Game Changer Streamline<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The IRS has published new IRS internal procedure guidance with IRM changes dated 8\/13\/14. \u00a0The guidance is numbered WI-21-0814-1244 and titled \u201cStreamline Filing Compliance Procedures for Accounts Management International IMF\u201d. \u00a0The guidance is\u00a0here. The general legal rule is that IRM provisions are for the IRS’s internal guidance and confer no rights on the taxpayer. There […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_daextam_enable_autolinks":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[23,24,55,52,54,26,86,88,27],"class_list":["post-1089","post","type-post","status-publish","format-standard","hentry","category-planning-for-tax-minimization","tag-fbar","tag-foreign-account","tag-hsbc","tag-offshore","tag-offshore-accounts","tag-sdop","tag-sfop","tag-streamlined-filing-compliance-procedures","tag-voluntary-disclosure"],"_links":{"self":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts\/1089","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/comments?post=1089"}],"version-history":[{"count":0,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts\/1089\/revisions"}],"wp:attachment":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/media?parent=1089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/categories?post=1089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/tags?post=1089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}