QUESTION: Urgent Quote Needed: Completing Form 1120 & 5472 for Non-Operating Japan-Based US LLC (Amazon Seller)?
I’m a Japan-based individual who formed a single-member LLC in the US in 2023 for online business via Amazon.com. Although I obtained an EIN and filed for an automatic extension for the 2023 return, I haven’t begun sales yet and have no revenue.
However, I incurred expenses establishing the LLC and paying Amazon seller fees. Now, I urgently need help completing my 2023 Form 1120 and Form 5472 before the late filing penalty deadline.
I’ve partially filled out the forms and can provide any additional information you require immediately. I’m prepared to pay via credit card and would appreciate a prompt quote for service fees and estimated completion time.
EXPERT’S RESPONSE: For individuals operating a foreign-owned single-member LLC in the United States, such as yourself, exploring the world of U.S. tax regulations can seem overwhelming, especially when dealing with specific forms like Proforma 1120 and 5472. O&G Tax and Accounting is here to simplify this process for you. We specialize in supporting foreign-owned U.S entities like yours, ensuring compliance and optimizing tax benefits under U.S. law.
Tax Obligations and Form Preparation
Forms 1120 and 5472: What You Need to Know
As a foreign-owned single-member LLC, you’re required to file a proforma Form 1120 along with Form 5472. This form is specifically for reporting transactions between the LLC and the foreign owner or related parties.
Tax Implications for Non-Operating Businesses
Even if your LLC had no revenue for the year, the IRS requires filing these forms only if there are reportable transactions. Non-compliance can lead to penalties
Our Services and Pricing
The Process: From Start to Finish
- Information Gathering: Use the organizer we will provide to submit all necessary information, including LLC formation documents, EIN confirmation, and past information returns.
- Billing and Preparation: After receiving your documents, we’ll bill you and begin preparing your returns.
- Review and Sign-off: We provide a draft for your review, after which you sign and choose your filing method.
- Support and Resources: We offer video guides, FAQs, and a consultation session to assist you through the process.
Why Choose O&G Tax and Accounting?
- Expertise in Foreign-Owned Entities: Our firm has extensive experience with foreign-owned single-member LLCs, offering personalized advice and solutions.
- Comprehensive Services: We don’t just prepare tax forms; we offer monthly bookkeeping, accounting software recommendations, and general accounting services.
- Transparent and Fixed Pricing: No surprises with our clear, upfront pricing.
Your success in the U.S. market is our priority. O&G Tax and Accounting provides the expertise and support you need to navigate U.S. tax laws confidently. Visit our website for more information or schedule a consultation today.
New Compliance Alert!!: On January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) announced the commencement of beneficial ownership information (BOI) reporting under the Corporate Transparency Act (CTA). This vital step forward ensures greater transparency and aids in the fight against illicit financial activities. Companies established or registered in the U.S. are required to comply with these reporting standards, contributing to a more accountable corporate environment.Learn more and seek guidance here.