Seán O'Connor
With over 25 years of US tax experience (within the "big 4" for 8 of those years), I am a former "Enrolled Agent", the highest-ranking status of representation before the IRS.
About Me
Brussels born & bred, I departed for Dublin to study Economics via a year away on an exchange program in the US’ Midwest.
I started my career with Deloitte in US Expatriate Tax, moving on to KPMG, and after 8 years, I stepped away from the 'Big Four'.
In the mid-‘00s, employment as an External Auditor within the EU institutions focused on research funding while, in parallel, pursuing the opportunity of what had now become a passion as a late bloomer in the sport: playing high level semi-pro basketball around Belgium which I pursued throughout the ‘00s. Shortly thereafter, having enjoyed some coaching, I qualified as an NLP Practitioner.
Upon joining The Fry Group in 2013, I qualified as a Financial Adviser as the US Treasury & the IRS had launched FATCA, effectively re-defining, clarifying and magnifying the landscape of investment opportunities for US citizens & green card holders.
I am the proud father of two energetic boys. In my spare time, I still play basketball, am a keen golfer and I still have a passion for coaching.
For more information, see my LinkedIn page.
SERVICES
If you are a U.S. citizen or green card holder, your worldwide income is subject to U.S. income tax, regardless of where you live. You will most likely have a filing obligation.
Federal Tax Return Preparation
Americans who live abroad are subject to U.S. income taxation on their worldwide income and are required to file a U.S. federal income tax return. If you paid taxes to the country where you live and are subject to U.S. tax on the same income, you may be able to take a credit for those taxes.
Foreign Bank Account Report
Foreign Bank Account Report The Foreign Bank Account Report (“FBAR”) is a form that all U.S. citizens and U.S. residents are required to file if they have foreign bank account(s) with an aggregated sum of the maximum values at any point in time in the year exceeding $10,000.
Late Filing
By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and for failing to pay taxes they owe by the deadline.
Delinquency / Renunciation filings
The Streamlined Foreign Offshore Procedures are intended to help delinquent/non-compliant taxpayers who meet certain criteria to come into compliance with their U.S. tax obligations (tax returns and FBARs). For the time being, this program is still open while others have been repealed (OVDP, etc …) but between FATCA and CRS and other exchange of information programs, the IRS can quite readily access relevant data.
Relief Procedures for Certain Former Citizens
Since October 2019, it is possible to renounce US citizenship (providing a second nationality exists) and subsequently comply with US filing obligations (though a review of assets is recommended to advise on triggering of any exit taxation)
Estate & Gift Taxation
The estate tax is a tax on the transfer of property at death. U.S. citizens are subject to U.S. estate taxation, regardless of whether they live in the United States or abroad.
Non-U.S. citizens with U.S. situs assets face a very much lower threshold of $60,000 before triggering US estate tax.
Foreign Corporation
Certain U.S. citizens and residents who are officers, directors or shareholders of certain foreign corporations may be required to file Forms 5471 (Corporations) / 8865 (Partnerships). Subject to certain criterion, the “look-through” treatment may be optimal and check-the-box elections must be made within 12 months of inception to ensure optimal tax treatment of your entity.
Get In Touch
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