Who has to file?
A single-member LLC owned by a foreign person is, by default, a disregarded entity for the IRS. It must still file Form 5472 every year, with a pro forma Form 1120, to report transactions between the company and its owner.
Which transactions to report?
Contributions, loans, expense reimbursements or distributions between you and your LLC are reportable transactions. Simply paying the formation costs is one.
Deadline and penalty
For a calendar year, the usual deadline is April 15, with an extension available. The IRS sets a $25,000 penalty for each missing or incomplete return.
Get professional help
This content is for information only. Preparing and signing your returns should be left to a licensed professional who will review your situation.
This article is for information only and is not legal or tax advice. The rules mentioned may have changed since the update date.
