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I am not a resident of the US. I am thinking of establishing

the WY LLC, I will...
I am not a resident of the US. I am thinking of establishing the WY LLC, I will be the only owner. I won't be doing any business in the US. Should I submit any forms to the IRS or will I have any obligations to pay any federal taxes? If yes what which forms will be applicable etc.
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Answered in 2 minutes by:
7/18/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

As you are the only owner of the LLC, there are no forms to submit to the IRS unless you elect to be treated as a corporation or S corporation

MyVirtualCPA :

You will simply file the taxes as normal on your 1040 tax return using Schedule C for business activities

MyVirtualCPA :

You do have to pay taxes on the income that the business generates

MyVirtualCPA :

If you bring on additional members to the LLC, you will then file as a partnership using form 1065

MyVirtualCPA :

But, as the only member you will file using 1040 Schedule C

MyVirtualCPA :

Do you have further questions about this matter?

MyVirtualCPA :

If not, please rate as "excellent" so that I may receive credit for assisting you today

MyVirtualCPA :

I just noticed that you said you are not a resident of the US, nor are you doing business inside the US

MyVirtualCPA :

If there is no US sourced income, that is income from business derived in the US, then there is no US tax reporting obligation

MyVirtualCPA :

If you are the only member, you would not report to the IRS your business activities

MyVirtualCPA :

I see we are having trouble in chat, so I am going to change this over to q&a format so that you can respond.

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I see we were having trouble in live chat, so I have changed the method of answering your question. If you would, review what I have wrote, and then follow up using the reply button below. If you have further questions, ask me and I will respond until you are satisfied.

If you got the answer you need, then rate my response as "excellent" so that I may receive credit for assisting you today. Thanks
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Customer reply replied 4 years ago
So to sum up- If I will have no US sourced Income I don't have to submit any forms to the IRS and no tax obligations. After registering the LLC should I submit any formt o the IRS, eg. choosing the form of taxation.
No, you will not submit any forms to the IRS regarding the LLC until you have US Sourced income, at which point you will have to pay taxes on the income.

Please let me know if you need anything additional. If not, please rate my response "excellent" so that I may receive credit for assisting you today.
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Customer reply replied 4 years ago
Not even I don't have to apply for the EIN? I am not willing to employ anyone or have any office in the US.
If you are not going to employ anyone in the US, there is no reason to get an EIN. You would not even need to get an EIN for the LLC.

Please let me know if you need anything additional. If not, please rate my response as "excellent' so that I may receive credit for assisting today
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Thank you for the positive rating. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question, and it will be routed directly to me. Thank you again for using JustAnswer. For the quickest service, please post a new question.
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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