Episode Description
Manasa discusses the Delinquent International Information Return Submission Procedures (DIIRSP) offered by the IRS.
This program allows individuals who have missed filing certain international information returns but have no additional taxes owed to file late without penalties.
She covers eligibility criteria, the filing process, and best practices to ensure a successful submission.
Takeaways
Chapters
Episode Links and Resources
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The IM Café Finance / Tax Roastery (Store) Is Live
Grab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.
If you'd like to work with us on your finances or taxes, check out the process
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Be sure to join the conversation by visiting our page: The International Money Cafe
Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.
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The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
This program allows individuals who have missed filing certain international information returns but have no additional taxes owed to file late without penalties.
She covers eligibility criteria, the filing process, and best practices to ensure a successful submission.
Takeaways
- DIIRSP is a penalty-free option for missed international forms.
- Eligibility includes not being under IRS audit and no additional taxes owed.
- Common forms covered by DIRSP include 5471, 5472, and 8938.
- A reasonable cause statement is crucial for DIRSP submissions.
- Filing must be done by paper to a specific IRS address.
- Timely filing increases the chances of acceptance by the IRS.
- The DIIRSP is not for hidden income issues, only paperwork compliance.
- Don't DIY as mistakes can be very expensive (tens of thousands)
Chapters
- 00:00 Understanding DIRSP: A Lifeline for Tax Filers
- 06:43 Best Practices for Filing DIRSP
Episode Links and Resources
-----------------------------------------------------------------------------
The IM Café Finance / Tax Roastery (Store) Is Live
Grab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.
If you'd like to work with us on your finances or taxes, check out the process
---------------------------------------------------------------------------------
Be sure to join the conversation by visiting our page: The International Money Cafe
Or by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.
------------------------------------------------------------------------------------
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.