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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
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I have a company LLC in delaware, I am not a US resident and

Customer Question

I have a company LLC in delaware, I am not a US resident and need consultant on tax preparation and compliances?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I have also a business license and the company is incorporated 2 years back. Due to requirment to travel to US to open a business account. The company have no business transaction or account.
JA: Is there anything else the Accountant should be aware of?
Customer: I personaly have a checking account in Bank of America and do not want to mix it with the business account.
Submitted: 12 days ago.
Category: Tax
Expert:  Lane replied 12 days ago.

Hi. My name’s Lane. … I can help here.

I have a Law degree with concentration in Tax , Estate & Corporate Law, … an MBA, with specialization in finance … a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Please bear with me a moment while I prepare your response

Expert:  Lane replied 12 days ago.

First, some general information.

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Unless you perform services in the US, or have some other business presence( such as US business assets - such as an office or warehouse - or a payroll, or agents), you may not HAVE a filing requirement, in terms of an income tax return.

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However, in May, regulations were PROPOSED that might eventually require a disclosure statement.

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Wholly-owned LLCs are generally disregarded for US income tax purposes unless the LLC elects to be treated as a corporation. Such a disregarded entity is not currently required to file Form 5472 (or comply with the record-keeping requirements) even if the owner of the entity is a foreign person. In addition, disregarded entities are not generally required to obtain EINs.

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The proposed regulations will require a domestic disregarded entity that is wholly-owned by a foreign person to file Form 5472 to report its transactions with related persons (such as your taking distributions from your LLC)

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Can you tell more more about what you do, your business does?