Questions answered by Sebastian Nye-Schmitz

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I864 and foreign bank account

Sebastian's answer | Answered on August 12, 2014

Please consult with an attorney if you have not reported income earned on that foreign account on your tax return and if you failed to file Form...

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Foreign estate tax and capital gains tax on sale of foreign inherited property? Which IRS forms to file?

Sebastian's answer | Answered on August 11, 2014

If you inherited more than $100,000 from a non-US domiciliary in non-US-situs assets then you needed to report the inheritance on Form 3520. If...

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Hi, what do u advise a US. citizen who has lived abroad her entire life and never filed for tax ?

Sebastian's answer | Answered on August 11, 2014

You really do need to consult with tax counsel. If you did not act willfully in your failure to file returns and FBARs, which is a legal...

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I have some questions about Streamlined Domestic Offshore Procedures. I am confused. I really appreciate if you would help me.

Sebastian's answer | Answered on August 11, 2014

The streamlined program only applies if you have not acted willfully. This is a legal determination, so I would start by talking to an attorney who...

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How to apply for a foreign tax exclusion?

Sebastian's answer | Answered on August 11, 2014

I agree, you have to be outside the country for 330 days in that calendar year. Keep in mind that the day you enter and the day you leave count as...

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Are there any tax implications for a foreign gift from a U.S. citizen to another U.S. citizen?

Sebastian's answer | Answered on August 09, 2014

You should not post anymore information online and should consult with a tax attorney before making any transfers. As a US citizen, you and your...

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If you have money in a bank in france but cant do any transfer because they say you have to pay a HMRC tax depending on the amou

Sebastian's answer | Answered on August 08, 2014

I am not sure what your question is and am not sure what HMRC refers to. Please elaborate.

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For IRS streamlined disclosure program for US residents, how is the 5% penalty on assets calculated?

Sebastian's answer | Answered on August 08, 2014

This is a very specific question that requires a detailed analysis of your assets. You should consult with an experienced tax attorney.

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If I file my taxes late, do I lose he ability to carry forward net operating losses?

Sebastian's answer | Answered on August 08, 2014

The default rule is that you must first carry back and then forward unless you file an election to forego the carryback. I believe this election...

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New divisions or internal departments what should i do ?

Sebastian's answer | Answered on August 07, 2014

You can possibly file for a ficticious name for each "division" or you could form single member subsidiaries. This would depened on your goals and...

Sebastian Nye-Schmitz's Answers (102)

I864 and foreign bank account

Foreign estate tax and capital gains tax on sale of foreign inherited property? Which IRS forms to file?

Hi, what do u advise a US. citizen who has lived abroad her entire life and never filed for tax ?

I have some questions about Streamlined Domestic Offshore Procedures. I am confused. I really appreciate if you would help me.

How to apply for a foreign tax exclusion?

Are there any tax implications for a foreign gift from a U.S. citizen to another U.S. citizen?

If you have money in a bank in france but cant do any transfer because they say you have to pay a HMRC tax depending on the amou

For IRS streamlined disclosure program for US residents, how is the 5% penalty on assets calculated?

If I file my taxes late, do I lose he ability to carry forward net operating losses?

New divisions or internal departments what should i do ?