Streamlined Filing Compliance Procedures (Streamlined) is one of the options available for US Taxpayers with unreported foreign financial assets and income. It is intended for the Taxpayers that have acted non-willfully. The Streamlined process is available to US individual Taxpayers and Estates that have failed to report foreign financial assets and pay all the taxes due with respect to those assets. The Individuals and Estates cannot be under IRS examination, and they both must have a valid tax identification number.
December 2016 JD Supra