How to Fill Out Form 5472. Step-by-Step Instructions for Disregarded LLC
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- Опубліковано 17 січ 2024
- UPDATE: There is a transposition error in Box 1h. The total reportable transactions are $9,624 and not $9,264.
This video tutorial covers a scenario where a nonresident owns a US LLC that is engaged in US trade or business. The nonresident must file a Form 1040-NR as well as the Form 5472 with a proforma Form 1120.
Form 1040-NR filing with Form 5472: • How to File a Nonresid...
Form 5472 for LLC with no Taxes Owed: • Form 5472 for a Foreig...
What is a Reportable Transaction: • Form 5472 Reportable T...
Taxable Corporation Form 1120 with Form 5472: • How to File Form 1120 ...
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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#Form5472 #LLC #Form1120
GREAT WORK
Thanks, Jason D. Knott. This helped a lot!
Great video thanks!
Glad you liked it!
thaaaaaaanks, that was really helpful
Glad it helped!
Box 1h has an input error..it should be $9,624
Hi @JasonDKnott thanks for this video. I have a question about the 5472. If the ownership of the US DE LLC changes hands during the tax period, how do we account for this on the 5472 and do we prepare a 5472 for both the foreign seller and foreign buyer of the LLC? Thank you
Thank you very much for this video, one question, I opened an LLC on December 6th last year, and in those 25 days I didn't even have a bank account opened yet, and likewise, I didn't have any inflow or outflow of money, however, I was told that I must report $308 LLC formation costs, so do I report $308 in question 1f on Form 5472 (Total value of gross payments made or received)?
Thanks a lot Jason. In regard to the professional fee of $450 paid to the owners' brother, is he required to withhold tax from the payment paid to the non resident?
Thank you for the videos, they are really useful, I am not a US citizen, I have never been to the USA I have a Single Member LLC in Wyoming USA. I have filed Form 2023 Schedule C and W-7(For ITIN), I am in the process of filing 1040 NR, do I need to file Form 5472?
13:35 I was confused about the math here and I see that there's a typo in box 1h, the number should read $9,624, not $9,264
Hey Jason, great video. Just one question, my business provide online services so I have no offices or employees in the US. If I hired more than one non-US residents contractors (that live in my same country) do I need to fill a 5472 for each of them as you did for Bob in the example? Thanks in advance
Hi! thank you very much your video is very helpful!! One question: The form 1120 that I downloaded from the IRS site ends in page 6 (Schedule M-2). And in the video your Form continues to seccion Schedule G. Where can I get this form you have? I couldn't find it on the IRS site. Thank you!!
Thank you very much for explaining well. I watched your all related videos of 1040-NR and Form 5472.
I want to know that I own a Foreign Owned US Disregarded Single Member LLC. I do not have ITIN. I resell on Amazon. I purchased in bulk from supplier and sell through Amazon FBA. What other forms I have to file with Proforma 1120 and 5472 ?
Where we have to report our profit and loss statements? Or its not needed.
Thanks in advance for your reply 👍
I provide service to us customers but from outside usa. Do i just need to file form 5472 and form 1120 only in this case .
what if the Foreign owner do not own physical location or thing like vendor Machine and instead offer service online?
Do you have a video for similar situation in this video except earning the LLC's income from outside of the USA? Much appreciated
interested
Thank you very much for the info! Where can I download the Federal Support Statement Template?
The same question.
where is the signature should be located at?
i di not file my last year tax return i am single member non resident llc owner, please guide me what are my option i want to file for last adn current year
How can I ask you some questions directly?
Other question 🙏🏻 I understand that I can only send the form via Mail or Fax (there´s no digital option). How do I know if the IRS received everything Ok?
can you please tell me where to mail or fax?
Hi Jason, I learned a lot from your videos. I have a question, maybe you will be able to answer. After sending forms 5472+1120 today, I saw in confirmation that in 5472 form all fields that should be filed are empty. 2 hours later I sent another version, where 5472 was OK, so in general, the IRS should have everything that they need when it comes to 5472. I explained an error in a cover letter. Because penalties for 5472 are so huge, do you think that this situation might cause some problems with the IRS? Or maybe I should do something more to avoid any kind of problems? Just as I wrote, the second version should be full and OK, I have a confirmation that the fax was successfully sent. But these penalties are so serious. It would be good to have a phone contact with the IRS but I am not sure if it is possible for this form.
Myślą że nic więcej nie musisz robić skoro poprawiłeś błąd.
If one Amazon seller has sales of 500$ and 250$ is Cost of good sold in the year 2023 then this sales or Cost of good sold where we need to show in 5247 form.
Hi, what if I dont have a tax residency? for 1n
Instaid of the mailing address , i put the company's address , which are not quite the same . Is it a problem ?
if the sole owner of the llc is non resident and the source of the income is not US, is it necesary to file 1040NR or just 5572+1120? Thanks
only 5472 and 1120 needs to be filed
Where can I get the Federal Supporting Documents blank Template. And is there a template? Is it necessary for it to look exactly like yours?
please help me how send this PDF documents PLEASE share link
That's a good question, I couldn't find it. I'm about to create one maybe.
I can't find a template. Please share if somebody found it. Best
@@Mrandrescello I just created my own in the past. I haven't heard any objection from irs and I still have my liberty.
@@Alex-vr7yg omg nooo!! you have to download the form from the IRS!!
The field 1h in form 5472 should be 9,624 $ and not 9,264
If I was not engaged in any transactions or any US activity, do I need to file the form? I opened my LLC October last year and its been a while
Great question! Generally, every foreign-owned disregarded LLC has to file the Form 5472, even if there is no business activity. This often happens because the annual fees to renew the LLC and registered agent fee are paid by the LLC owner, which qualifies as a reportable transaction. Anytime the LLC has a reportable transaction, it needs to file the Form 5472.
What if the LLC fees and everything are not paid personally by the LLC owner and neither through his personal bank account?@@JasonDKnott
@@JasonDKnott what if we pay the fee to the registered agent through our personal credit card? Would that still be considered a reportable transaction?
@@berkarslan same question here... did you find out?
@@martonlove2203 I ended up writing those kinds of payments as contributions in Part V
Thanks, I have watched most of your videos and this is very helpful.
I have an LLC , How can I contact you to do this service with me if possible ?
hey man how can i contact you, do you offer a service to help us fille the form correctly but done by you. to avoid any potential mistakes,, best regards