2015-2025 Form

What is the Form 14653

The Form 14653, also known as the "Application for Relief Under the Streamlined Procedures," is a document used by U.S. taxpayers who have failed to report foreign financial assets. This form allows individuals to apply for relief from penalties associated with non-compliance in reporting these assets. It is primarily utilized by those who qualify for the IRS's streamlined filing compliance procedures, which aim to encourage taxpayers to come into compliance without facing severe penalties.

How to use the Form 14653

To effectively use the Form 14653, taxpayers must first determine their eligibility for the streamlined procedures. Once confirmed, they should complete the form by providing accurate information regarding their foreign financial assets and any previous non-compliance. After filling out the form, it should be submitted along with the required tax returns and any other supporting documentation to the appropriate IRS office. It is crucial to ensure that all information is complete and accurate to avoid delays in processing.

Steps to complete the Form 14653

Completing the Form 14653 involves several key steps:

1. Gather necessary documentation, including details of foreign financial accounts and assets.
2. Review the eligibility criteria for the streamlined procedures to ensure compliance.
3. Fill out the form accurately, providing all requested information regarding your financial history.
4. Attach any required supporting documents, such as tax returns and proof of foreign accounts.
5. Submit the completed form and accompanying documents to the IRS by the specified deadline.

Legal use of the Form 14653

The legal use of the Form 14653 is governed by IRS regulations that outline the streamlined filing compliance procedures. Taxpayers must adhere to these guidelines to ensure that their application is valid and that they receive the intended relief from penalties. Proper completion and submission of the form demonstrate a good faith effort to comply with U.S. tax laws regarding foreign assets.

Filing Deadlines / Important Dates

Filing deadlines for the Form 14653 can vary based on individual circumstances. Generally, taxpayers should submit the form along with their tax returns by the annual tax filing deadline, which is typically April 15. However, if an extension is filed, the deadline may be extended to October 15. It is important to stay informed about any changes in deadlines that the IRS may announce, particularly in response to unforeseen circumstances.

Required Documents

When submitting the Form 14653, taxpayers must include several key documents to support their application. These typically include:

• Completed Form 14653.
• Copies of tax returns for the previous three years.
• Documentation of foreign financial accounts, such as bank statements or account statements.
• Any correspondence with the IRS regarding prior non-compliance.

Who Issues the Form

The Form 14653 is issued by the Internal Revenue Service (IRS), which is the U.S. government agency responsible for tax collection and enforcement. The IRS provides guidelines and resources to assist taxpayers in understanding the streamlined procedures and the proper use of the form. Taxpayers can access the form directly from the IRS website or through tax professionals who assist with compliance matters.