Streamlined Foreign whatchamacallit - how long does it take?

So after more than 6 months of waiting, the IRS has finally processed my 2020 return (or at least my IRS account transcript shows a July 25th 2022 processing date - not sure how that works? go figure!). Return received by IRS on 21-12-2021.

My return ended up being filed late (no tax to pay so no penalty) due to finding out at the last minute that the TaxAct software I was using could not handle Form 8992 in an e-filing capacity.

This brings me to a related question that I'm wondering if anyone can help with?

I own my own company - essentially a PSC that I set-up so I could perform consulting services (don't get me started on inside & outside IR-35!). As I'm a UK/USC I'm caught by my company being a CFC (I'm the only shareholder) which means I have to file Form 8992 (U.S. Shareholder Calculation of Global Intangible Low-Taxed Income) - although the form is relatively simple (or at least it is in my circumstances) I am yet to find any retail tax software that includes this form as part of it's standard package - there's professional commercial software out there that does the trick but that's ridiculously expensive. Does anyone know of any retail software that includes form 8992 in it's package?

Without the inclusion of this form, there appears to be no e-filing option, which then leaves only paper filing and the inevitable month's long  wait for IRS processing. I understand that inclusion of this form is expat specific, but there must be others who have their own company  (CFC) - what route do they take to file?   I'm reluctant to engage a tax professional just to get through the e-filing challenge.

Tomorrow marks 1 year since my Streamlined Foreign Offshore Procedure documents (tax returns for 2018, 2019 & 2020) were signed for by someone called Pinner in the IRS mailroom in Austin.

A year.
In that time my 2021 tax return was submitted and i have received the stimulus payment for that tax year.  But i've heard nothing regarding my streamlined stuff. 

If your streamlined returns didn't have any tax payable or receivable then I don't think you'll hear anything. I suspect that as you have received subsequent  stimulus payments then your streamlined return has been received and processed.

My own experience of streamlined was different as I had a small (pennies) amount of tax to pay - which is how I knew it had been accepted.

If you're able to set up your IRS on line account (there are other threads telling you how to do this - even from overseas) then you should be able to then log in and see your streamlined returns as filed

Were there not 2 stimulus payments? One for 2020 and one for 2021?
I've received the 2021 payment, but not the earlier one.

Were there not 2 stimulus payments? One for 2020 and one for 2021?
I've received the 2021 payment, but not the earlier one.

There were indeed 2 stimulus payments. I missed one but claimed it as a tax credit on our 2021 return that I filed this year.

Were there not 2 stimulus payments? One for 2020 and one for 2021?
I've received the 2021 payment, but not the earlier one.

There were 3 payments in total.

You might find the following of use:

https://www.irs.gov/newsroom/questions-and-answers-about-the-third-round-economic-impact-payment-topic-g-receiving-my-payment

particularly this paragraph:

If you didn't get the full amounts of the first and second Economic Impact Payments, you may be eligible to claim the 2020 Recovery Rebate Credit and must file a 2020 tax return – even if you don't usually file taxes – to claim it. DO NOT include any information regarding the first and second Economic Impact Payments or the 2020 Recovery Rebate Credit on your 2021 return.

Thank you for that link.... i'll check it out when i finish work tonight!

I am yet to find any retail tax software that includes this form as part of it's standard package - there's professional commercial software out there that does the trick but that's ridiculously expensive. Does anyone know of any retail software that includes form 8992 in it's package? Without the inclusion of this form, there appears to be no e-filing option, which then leaves only paper filing and the inevitable month's long  wait for IRS processing. I understand that inclusion of this form is expat specific, but there must be others who have their own company  (CFC) - what route do they take to file?   I'm reluctant to engage a tax professional just to get through the e-filing challenge.

We are in the same boat and also have been using TaxAct for years. Here's the solution we've settled on:

• Prepare the 8992 yourself using the PDF version of the form
• Enter the result of it into TaxAct (there's a box under "Other Income" called "Section 951A. Share of GILTI, Form 8992")
• E-file as normal without attaching the 8992
• File an amended return by mail, give the reason as "Adding Form 8992" and send only the 1040X and 8992 that you prepared. None of the calculations will have changed so there won't be any tax to pay or refund and you won't have to send any other forms in since they won't have changed.

There were 3 payments in total.

You might find the following of use:

https://www.irs.gov/newsroom/questions-and-answers-about-the-third-round-economic-impact-payment-topic-g-receiving-my-payment

particularly this paragraph:

If you didn't get the full amounts of the first and second Economic Impact Payments, you may be eligible to claim the 2020 Recovery Rebate Credit and must file a 2020 tax return – even if you don't usually file taxes – to claim it. DO NOT include any information regarding the first and second Economic Impact Payments or the 2020 Recovery Rebate Credit on your 2021 return.

My 2020 tax return has already been filed... as part of the Streamlined Foreign Offshore Procedure, I submitted 2018, 2019 & 2020 tax returns.  Should i submit it again, separately (ie not as part of the SFOP)?  I have tried to read the IRS website, but i can't comprehend what it's saying because it is so dull and 'word-y', and i feel like none of the scenarios they illustrate apply to me. 

The fact that the IRS has issued you with a 2021 stimulus payment indicates that you are clearly now 'back in the system' and therefore your SFOP has worked.

If you didn't receive the 2020 payments (2 of them) then follow the instructions here https://www.irs.gov/coronavirus/economic-impact-payments and here https://www.irs.gov/newsroom/recovery-rebate-credit

Simply re-file your 2020 return and claim the first 2 payments - good luck - let us know how you get on.

The first week of  September, I wrote to the IRS asking for an update, as it had been 1 year since they received my SFOP.  To my utter shock, i have received a reply!!! Just a generic letter,
but it's something.  It says 'we are working on your account. However, we need an additional 60 days to send you a complete response'.

So i'll wait to see what the next 60 days brings...

That's good news - try and get yourself an IRS on line account then no more snail mail!

That's good news - try and get yourself an IRS on line account then no more snail mail!

I do have an IRS online account... it didn't occur to me that i could message them via that account! 

I find the account useful for knowing an up to date status of my returns for current and prior years -I've not actually used it to correspond with the IRS.

I actually went through the pain of an IRS examination in 2020 & 2021 relating to my 2017 return - initially after very little correspondence and all via regular mail I eventually managed to correspond via email with the IRS agent and this really helped get the case moving along and eventually closed  - in my favour!  all correspondence was password protected.