General information, not tax advice — consult a qualified tax professional for your situation.
The most dangerous myth: “I don’t live in the US, so I owe nothing and file nothing.” The first half is often true. The second half can get you penalized.
Owing Tax vs Filing Returns
Owing tax depends on US-source income — many foreign-owned LLCs owe zero federal income tax. Filing returns is separate: a foreign-owned US LLC must file informational returns even owing nothing. Missing the filings triggers penalties.
The Two Forms You Must Know
Form 1120 — filed pro-forma as the vehicle for Form 5472. Form 5472 — reports transactions between you and your LLC. Penalty for failure to file: up to $25,000 per year.
Deadlines
April 15 for Forms 1120/5472 (extensions to October 15 available). State deadlines vary — mark every deadline when your LLC is formed.
Common Mistakes
- Filing nothing because “I owe zero tax.”
- Missing the April deadline.
- Mixing personal and business funds.
- Ignoring state obligations.
- DIY-ing complex situations.
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