The Streamlined penalty applies to the Streamlined Domestic Offshore Procedures. The penalty is calculated by finding the highest year end balance of the foreign financial assets over the covered lookback period of either three years for the amended returns or six years for the lookback period and applying a 5% penalty to those aggregate balances. If you are considering the Streamlined Domestic Offshore Procedures call an Attorney with the McGuire Law Firm to help ensure you are computing the penalty correctly.