Thank you very much that was really helpful ,can you please upload a step by step tutorial or at least guide me to a video where on how to fill form 1120 and 5472 as a SM foreign owned LLC ,Thank you
What happens when foreign-owned SMLLC has income and expenses? I am confused because when the entity is not active the report is in the proforma 1120 and 5472, but in its second year when there are profits where it is reported, otherwise it has not chosen to be taxed as 1120 or is it mandatory that it choose to be taxed as 1120?
Thanks for the question, I highlighted your question and answered it in the video below. Thanks. ua-cam.com/video/dRmukN1TNX0/v-deo.htmlsi=V9O114FBwaTgJRlI
Thanks. I really liked this detailed video. I have below question: My client has set up a US SMLLC. Client belongs to another country and has no physical presence in US and doesn't even sell his services in US.He has earned more than 60k profits in this US LLC. Does he need to pay any taxes to the US govt (WY state so state taxes are sorted) or just needs to file 1120 proforma and 5472?Also, does he need to file 1040 NR? Please suggest.
For a non US citizen, single member LLC with no employees or warehouse/office in the US, - Is only Income tax not needed? How about Sales / Corporate / Other taxes? Are all taxes exempted?
What if it wasn't me who paid for it. My fiancé paid for registering the business for me and for the registered agent before i even had a bank account. So because none of it came out of my own account, and he isn't a member i'm the only single member ... then is the registering & registered agent still reportable?
Assuming your fiancé does not expect to be repaid, than your finance essentially made an “indirect gift” to you, the fact that he did not hand the money directly to you is not relevant. What is relevant is that instead of gifting the money directly to you, he decided to pay it directly to other third party for the purpose of setting up an LLC that you’ll eventually own. Because your fiancé made an indirect gift, you do have a reportable transaction because you’re eventually the beneficial owner of the LLC, not your fiancé. Thanks
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Thank you very much that was really helpful ,can you please upload a step by step tutorial or at least guide me to a video where on how to fill form 1120 and 5472 as a SM foreign owned LLC ,Thank you
That was very helpful. Thank you!
What happens when foreign-owned SMLLC has income and expenses? I am confused because when the entity is not active the report is in the proforma 1120 and 5472, but in its second year when there are profits where it is reported, otherwise it has not chosen to be taxed as 1120 or is it mandatory that it choose to be taxed as 1120?
Thanks for the question, I highlighted your question and answered it in the video below. Thanks.
ua-cam.com/video/dRmukN1TNX0/v-deo.htmlsi=V9O114FBwaTgJRlI
Thanks.
I really liked this detailed video.
I have below question:
My client has set up a US SMLLC.
Client belongs to another country and has no physical presence in US and doesn't even sell his services in US.He has earned more than 60k profits in this US LLC.
Does he need to pay any taxes to the US govt (WY state so state taxes are sorted) or just needs to file 1120 proforma and 5472?Also, does he need to file 1040 NR?
Please suggest.
For a non US citizen, single member LLC with no employees or warehouse/office in the US,
- Is only Income tax not needed? How about Sales / Corporate / Other taxes? Are all taxes exempted?
What if it wasn't me who paid for it. My fiancé paid for registering the business for me and for the registered agent before i even had a bank account.
So because none of it came out of my own account, and he isn't a member i'm the only single member ... then is the registering & registered agent
still reportable?
Assuming your fiancé does not expect to be repaid, than your finance essentially made an “indirect gift” to you, the fact that he did not hand the money directly to you is not relevant.
What is relevant is that instead of gifting the money directly to you, he decided to pay it directly to other third party for the purpose of setting up an LLC that you’ll eventually own.
Because your fiancé made an indirect gift, you do have a reportable transaction because you’re eventually the beneficial owner of the LLC, not your fiancé.
Thanks