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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
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: 7 months ago.
Category: Tax
Expert:  Lane replied 7 months 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 7 months ago.

First, some general information.


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.


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


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.


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)


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