Just discovered 3 unreported foreign items (pension, investment account, business ownership) — going through Streamlined, curious about others' experiences
Dual US/EU citizen, living abroad for years. Always assumed my taxes were fine since employer wages were properly reported via FTC (Form 1116) every year.
While gathering documents for this year's filing, I discovered three things that have apparently never been reported:
- An employer-sponsored occupational pension (contributions + balance) — never on FBAR or 8938
- A small local investment account with a couple of non-US mutual funds — likely PFIC, never reported
- My spouse's minority ownership stake (under 50%) in a small local business, held for several years — never on FBAR/8938/5471
The business ownership is the one weighing on us most — genuinely had no idea that having a small stake in a local business abroad came with this level of US filing complexity. Feels like a pretty rough surprise for something that was just meant to be a simple local investment.
All modest dollar amounts combined, no willful concealment, just didn't know. Already engaged an expat tax firm and working through Streamlined.
Beyond "get a professional" (already doing that), curious about real experiences:
- Anyone been through Streamlined for something similar — how did it actually feel start to finish?
- Unreported foreign employer pension — did it end up currently taxable, or treaty-protected?
- Minority stake in a small foreign business — was Form 5471 as painful as its reputation, or more manageable once ownership % was confirmed non-CFC?
- Anything you wish you'd asked your preparer before starting?
Not looking for advice on my specific numbers, just want to hear how this actually played out for people who've lived it.