What this service covers
Every US company has a federal filing obligation each year, even if it made no money. What that filing looks like depends on how the company is taxed and who owns it. A single-member LLC owned by a non-US person files very different forms from a two-founder LLC or a Delaware C-Corp. Tax preparation means producing and filing the right returns. Tax planning means deciding, before the year ends, how your structure, payments and records should be set up so the next return is simpler and cheaper.
This page is general information, not tax or legal advice. Your CPA or enrolled agent should confirm how the rules apply to you.
Who this is for
- Non-US owners of single-member LLCs who need to file Form 5472 with a pro forma Form 1120.
- Multi-member LLCs taxed as partnerships, including those with foreign partners.
- C-Corps, including Delaware corporations formed for fundraising.
- Founders who have missed prior years and need to catch up.
- Owners who want to understand whether their activity creates US taxable income before they grow further.
Which return your company files
| Company type | Main federal filing | Usual due date (calendar year) |
|---|---|---|
| Single-member LLC owned by a non-US person | Form 5472 attached to a pro forma Form 1120 | 15 April, extendable with Form 7004 |
| Multi-member LLC taxed as a partnership | Form 1065 with a Schedule K-1 for each partner | 15 March, extendable with Form 7004 |
| C-Corp, or LLC electing corporate tax | Form 1120 | 15 April, extendable with Form 7004 |
| Non-resident individual with US effectively connected income | Form 1040-NR | 15 June if no US wages subject to withholding, otherwise 15 April |
A foreign-owned single-member LLC cannot e-file its Form 5472 package. The IRS instructions require it to be faxed or mailed to a dedicated IRS unit, with "Foreign-owned U.S. DE" written across the top of the pro forma 1120. An extension request on Form 7004 goes to the same place. An extension gives more time to file, not more time to pay any tax due.
Why Form 5472 matters
Form 5472 reports transactions between your LLC and you or other related parties, including the money you put in to set up the company and any money you take out. The IRS penalty for failing to file it on time is USD 25,000, with more penalties if the failure continues after IRS notice. Many non-resident founders learn about this form only when the penalty notice arrives, which is why we treat it as the first item on your calendar.
What BookMyLLC handles
- A review of your entity, ownership and tax classification to confirm which federal returns apply.
- Preparation of Form 5472 and the pro forma 1120, or Forms 1065 and K-1s, or Form 1120, from your books.
- Extension filing on Form 7004 when your books are not ready by the deadline.
- Coordination of partner-level filings such as Form 1040-NR for foreign partners who need one.
- Checks for state-level filings, such as state income, franchise or annual taxes, which vary by state.
- Forward planning: a written summary of what to change this year, for example separating personal spending, documenting owner contributions, or reviewing whether a different tax classification fits.
- Catch-up filings for missed years, prepared with a CPA who can advise on penalty relief options.
Step-by-step process
- Intake. You share formation documents, EIN letter, ownership details and bank statements.
- Classification check. We confirm how the IRS sees your entity and which forms are due.
- Books review. Income, expenses and owner transactions are reconciled. If there are no books, we start with bookkeeping.
- Preparation. Returns are drafted and sent to you for review.
- Signature and filing. You sign, and the return is e-filed or, for Form 5472 packages, faxed or mailed as the IRS requires.
- Planning note. You receive a short list of actions for the coming year.
Planning before year-end
Most tax savings and most penalties are decided before 31 December, not in April. A planning review in the last quarter looks at whether your income is likely to be effectively connected with a US trade or business, whether you have US employees, contractors or inventory that could create state obligations, and whether your current tax classification still fits. It also checks the practical items: are owner contributions documented, are contractor forms on file, and is anything about to cross a state threshold. None of this changes the law that applies to you, but it means you file on facts you chose rather than facts you discovered.
Documents and information you need
- Articles of organization or incorporation and the EIN confirmation letter (CP 575 or 147C).
- Operating agreement or shareholder records showing who owns what.
- Bank and payment platform statements for the full tax year.
- Details of every transfer between you and the company, including the initial capital.
- Any Forms 1099 or 1042-S the company received, and prior-year returns if any.
Timeline
With complete books, preparation typically takes one to three weeks from the day we receive everything. The period from February to the April deadline is the busiest, so sending documents early gives you room to review. If you are close to a deadline, we can file an extension first and prepare the return afterwards.
Common mistakes to avoid
- Assuming no income means no filing. A foreign-owned single-member LLC must file Form 5472 even in a year with no revenue if it had reportable transactions, and forming and funding the company counts.
- Trying to e-file Form 5472. For a foreign-owned disregarded entity it must be faxed or mailed.
- Mixing personal and company money. It makes returns harder and can weaken liability protection.
- Ignoring state obligations. Annual reports and state taxes are separate from the IRS.
- Treating an extension as extra time to pay. Any tax due is still due on the original date.
Related services
For a plain-English overview, read how non-US residents pay US taxes. If you want advice on your specific facts, book a CPA consultation. Fees for preparation are on the pricing page.
Tax planning at a glance
| Question | Short answer |
|---|---|
| Who it is for | US companies and their owners, especially foreign-owned LLCs and C-Corps. |
| What we prepare | The federal return that matches your entity, plus state returns where required. |
| What planning adds | A look at timing, expenses and structure before the year closes. |
| What we need | Clean books, a trial balance and formation records. |
| What we cannot do | Guarantee a particular tax outcome or advise on your home country's tax. |
Year-end planning checklist
| Item | Why it helps |
|---|---|
| Review the year's income and expenses | Spot gaps before they reach the return |
| Check owner payments and loans | Keep them documented as Form 5472 requires |
| Confirm entity and tax election | Make sure the current structure still fits |
| Plan estimated payments | Avoid underpayment penalties where they apply |
| Gather records early | Leaves time to fix problems before the deadline |
Our bookkeeping service produces the records this process relies on.
Why Form 5472 matters
A foreign-owned single-member LLC reports certain transactions between itself and its owner on Form 5472, filed with a pro-forma Form 1120. The penalty for failing to file is substantial and applies per form, per year. Many founders never hear about the requirement until a penalty notice arrives, so it is one of the first things we check when we take on a new client.
We reconcile the amounts on the form to your bank records and your bookkeeping, so the figures are supported if the IRS asks.
