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Answered in 5 minutes by:
4/29/2023
Gagan, CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,965
Experience: Expert
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As we are not allowed to provide a professional service per our company policy. There are many services available online that can assist with filing your tax returns, such as TurboTax or H&R Block.
Regarding Form 1120 and Form 5472, these forms are generally required for foreign-owned LLCs that are engaged in a US trade or business. Since your LLC is not engaged in a US trade or business, you do not need to file these forms. However, it is important to review the instructions for these forms to determine whether any exceptions or exemptions apply to your situation.
Regarding the FBAR (FinCEN Form 114), this form is required to be filed by US persons (including US citizens, residents, and entities) who have a financial interest in or signature authority over foreign financial accounts with an aggregate value of over $10,000 at any time during the year. As a foreign-owned LLC, you are not considered a US person for FBAR reporting purposes unless the LLC is classified as a US partnership for tax purposes. However, if you have a personal financial interest in foreign financial accounts that exceed the $10,000 threshold, you may be required to file an FBAR. It is important to review the instructions for this form to determine your reporting obligations.
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