Ep 63: What Is English For "DIIRSP"? (Delinguent International Filing)

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

• 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

• Ep 45: What Is English For "Streamlined Filing Procedures

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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.