How to File an Extension for Proforma Form 1120 and Form 5472 for Foreign-Owned U.S. Single Member LLCs

How to File an Extension for Proforma Form 1120 and Form 5472 for Foreign-Owned U.S. Single Member LLCs

QUESTION: How can a foreign-owned single member LLC file for an extension of proforma 1120 and 5472? Is Form 7004 the correct form to use, and can it be faxed?

If you are managing a foreign-owned single-member LLC in the U.S., you may need to file a pro forma Form 1120 with Form 5472 attached. Understanding how to properly request an extension using Form 7004 is crucial to ensure compliance and avoid penalties. Here is a clear and concise guide to help you through this process.

1. Using Form 7004 for an Extension:

  • Purpose: Form 7004 is designated for businesses to request an automatic extension for filing certain tax and information returns. It is the appropriate form for foreign-owned U.S. DEs needing to extend their filing of Form 5472 and pro forma Form 1120.
  • Filling Out Form 7004:
    • On Line 1, enter the code specific to Form 1120.
    • Write “Foreign-owned U.S. DE” at the top of the form to highlight the type of filing.

  • 2. Submission Options:

    • Fax: Send your completed Form 7004 to 855-887-7737 at a resolution of 300 DPI or higher. Faxing is efficient and provides a receipt of submission.
    • Mail: Alternatively, mail your form to:

      Internal Revenue Service

      1973 Rulon White Blvd

      M/S 6112 Attn: PIN Unit

      Ogden, UT 84201

    • Important: Use this specific address instead of the general mailing addresses found in the regular Form 1120 instructions.

    3. Important Deadline:

    • The Form 7004 must be submitted by the standard due date of your returns, excluding extensions. Timely submission is essential to avoid penalties.

    Conclusion: Filing Form 7004 to request an extension for your pro forma Form 1120 and Form 5472 is straightforward, whether by fax or mail. Ensure to adhere to the specific guidelines for foreign-owned U.S. DEs to facilitate accurate and timely processing of your request.

    Need Further Assistance? For more personalized advice and to ensure your compliance with U.S. tax laws, consider booking a consultation with our expert team at O&G Tax and Accounting Services. Our specialists are adept at handling tax matters for foreign entities operating in the U.S. Click here to schedule your appointment: Book a Consultation.