IRS Form 14653

Understanding the IRS Form 14653: A Comprehensive Guide

Are you obligated to report foreign finance activities to the U.S. tax system? If so, you will be familiar with the Internal Revenue Service (IRS) form 14653. This form is prepared specifically for U.S. citizens who have foreign bank accounts and have not made their annual declarations to the IRS. With this guide, we intend to walk you through the process to ensure you understand the requirements. 

Understanding the Form 14653 IRS

The IRS Form 14653 is utilized by American citizens who hold foreign bank or financial accounts and have failed to disclose this information to the IRS. It is a certification by U.S. persons living outside the U.S. and is required when submitting an IRS Streamlined Foreign Offshore Procedures submission.

The 14653 form is meant to address these oversights and help American taxpayers shoulder their fiscal responsibilities adequately hence, it's of vital importance to understand what it entails.

Intricacies of form 14653

IRS form 14653 PDF serves as a crucial tool for U.S. taxpayers who have undisclosed foreign income and bank accounts. This form is an essential part of the OVDP program, which aims to encourage taxpayers to voluntarily report their foreign income and pay their fair share of taxes. The crux lies in correctly understanding each aspect of this form to prevent potential penalties for incorrect or incomplete disclosures.

How to Fill Out 14653 Form

To fill out form 14653 fillable template on the PDFLiner website, you'll follow these detailed steps based on the specific sections and requirements of the form:

1. Begin by entering the full legal name(s) of the taxpayer(s) and their Tax Identification Number(s) (TINs) in the designated fields at the top of the form. 
2. If the certification is joint, ensure both names and TINs are accurately filled.
3. Provide a current mailing address, including city, state, and ZIP code. This address should match the official records if possible to avoid processing delays.
4. Enter a valid telephone number where the IRS can reach you if additional information or clarification is needed regarding your submission.
5. In the Certification section, confirm that you are providing delinquent or amended income tax returns for the most recent three years for which the U.S. tax return due date has passed.
6. List each year in order, along with the corresponding amount of tax owed and any interest accrued for these years. Ensure that the total tax and interest due for all three years are accurately calculated and reported.
7. Confirm your eligibility for the Streamlined Foreign Offshore Procedures by attesting that you failed to report income from foreign financial assets non-willfully. 
8. Indicate whether you meet all other eligibility requirements and agree to retain all relevant records for the required periods.
9. For the non-residency requirement section, specify whether you were physically outside the United States for at least 330 full days for any one or more of the most recent three years. 
10. Fill out the table provided, marking 'Yes' or 'No' for each year. If submitting jointly, ensure both spouses meet these requirements and note any differences in days outside the U.S. separately.
11. Attach a statement explaining your reasons for failing to report all income, pay all tax, and submit all required information returns, including FBARs. This narrative should include your personal and financial background, contacts with foreign financial accounts/assets, and any advice received from professional advisors. Provide complete details, including favorable and unfavorable facts.
12. Sign the form under penalties of perjury, declaring that the information provided is accurate to the best of your knowledge. If jointly certifying, both taxpayers must sign. Include the printed names and the date next to each signature. You can use the send-to-sign feature here.
13. Finally, you can get your completed document, form 14653 downloads easily and also you can print or share it.