Your entrepreneurial spirit crosses continents; your accounting team should too
Comprehensive support for foreign owned LLC tax reporting that ensures you're compliant, and primed for success.
The U.S. can be a great market to expand into, but the tax rules are very complex—especially for non-U.S. owners.
Many entrepreneurs consider the LLC the perfect vehicle for their business: it’s easy to set up, inexpensive to maintain, and gives you the liability protection you need. But compliance gets quite complicated for non-U.S. owners of LLC’s.
Fortunately, Cleer Tax can make all those headaches go away by filing for you as a foreign-owned disregarded entity or partnership (whether you’re a single owner or partner). We demystify the IRS reporting process, handle all intricacies of your tax obligations with expertise and precision—all without breaking the bank.
Partner with us to minimize your administrative burden, so you can focus on what’s truly important: growing your business!
Foreign Owned LLC Tax Reporting Packages
Beyond what's included in your Foreign Owned LLC tax reporting package, certain businesses might require the submission of extra forms, depending on their unique circumstances.
- Tax Filing Extension – This is a 6 month extension from the original tax due date of March 15th for multi member LLCs and April 15th for single member LLCs
- FinCen Beneficial Ownership Report – This is a new government requirement that starts in 2024. It requires the owners of individuals with substantial control over a company be reported to the Financial Crime Enforcement Center. Existing companies have until the end of 2024, but companies registered in 2024 have 30 days to file.
Still have questions?
How do I know if I need Form 1120 vs 1120-S vs 1120-W?
Your accountant can help you select the form you need, but Form 1120 is for c-corporations. Form 1120-S is for corporations that have made the S-corp election. Form 1120-W is the estimated tax form for corporations based on the current year’s taxes.
Do I need a Form 5472?
So form 5472 is used when a company has a reportable transaction with a foreign or domestic related party. In most cases, this will mean that you have a non-US person or persons who own 25% or more of the company. It could also be used when you have a foreign company engaged in business in the US. If either of those sound familiar then yes you need a form 5472.
What if I need a Form 5471?
Form 5471 is required for companies that are shareholders in a foreign corporation. We can include a form 5471 for a dormant entity if it has less than $5k in income and expenses and less than $100k in assets. If your business has active foreign subsidiaries please see our Foreign Subsidiary packages.
How do I know if I need Form 1125-A?
Form 1125-A is used by companies that need to report a deduction in their Cost of Goods Sold.
How do I know if I need to file Form 8949?
Form 8949 is used by corporations to report sales and other dispositions of capital assets. Usually, these will be reported on Form 1099-B or 1099-S and Form 8949 is used to reconcile the amounts.
Do I have to file Form 6252?
Form 6252 is used by companies when they have installment sale income. An installment sale is when you sell property and at least one of the payments is received after the end of the tax year in which you sold the property.
Do I have to file Form 1139?
Form 1139 is how a corporation can apply for a tentative refund from the carryback of a net operating loss, a net capital loss, or an unused general business credit. It can also be used for an overpayment of tax due to a claim of right adjustment. Please note that amended return fees may apply.