Prepare Form 5472 For a Foreign-Owned Single Member LLC

Name: Prepare Form 5472 For a Foreign-Owned Single Member LLC
Rating: 4.8 (49 reviews)

Every foreign-owned U.S. LLC must file a Form 5472 - Make sure you are compliant!

Created byJason Knott

Last updated 2/2021

English

What you'll learn

How to complete Form 5472 for a foreign-owned single member LLC that is a disregarded entity?
Who needs to file Form 5472, and in what circumstances is the Form not required?
What are reportable transactions of the LLC?
Where can you download the required Forms from the IRS website?
How to complete the tax forms and submit to the IRS?
What are the procedures to file an extension request?
When is a foreign bank account report (FBAR) required for a U.S. LLC.

Course content

1 section • 5 lectures • 1h 16m total length

Introduction to Form 5472 and the Course3:04
Introduction to the Course

My name is Jason Knott and I am a licensed CPA and Tax Attorney in the State of Florida. My practice is focused primarily on the U.S. and international tax issues for global businesses. I work frequently with non-U.S. entrepreneurs that form U.S. LLCs and corporations to operate their businesses.
U.S. Tax Principles and Form 5472 Reporting Obligations31:41
This video will cover the following topic areas:

1. What is IRS Form 5472
2. Which persons need to file Form 5472
3. What is the deadline to file Form 5472
4. What are reportable transactions for foreign-owned single-member LLCs
5. Where can you download the forms from the IRS website
6. How to complete the forms using your LLC information
7. What are procedures to file an extension request
8. When is an FBAR required
Review Example Form 5472 for Single Member LLC30:19
For this video, we will review the entire Form 5472 and cover all of the parts and sections that must be completed.
How to File an Extension Request for Form 54723:20
This is a sample Form 7004 extension request for a Form 5472 filing obligation.
If I File the Form 5472 Late - What Are My Options?8:12
In this video I discuss your various options to file Form 5472 if it is going to be late. The original due date for each year is April 15th. If you file Form 5472 after the original or extended due date, you may face late filing penalties by the IRS.

Requirements

Have a basic understanding of U.S. tax filing obligations

Description

This course is prepared by Jason D Knott, Esq CPA. Jason is a licensed CPA and tax attorney in the State of Florida, and his practice is primarily focused on U.S. and international tax issues for global entreprenuers. Jason works with individuals and companies that operate businesses across borders. He advises on transfer pricing issues, repatriation of profits, withholding tax implications, treaty benefits and positions, asset protection strategies, and estate tax minimization for U.S. and nonresident taxpayers.

In this course, Jason covers the various Form 5472 filing obligations for a foreign-owned single-member LLC and the U.S. tax rules that apply to nonresidents that have U.S. situs assets or business interests.

This course covers topics that include the following:

1. What is Form 5472 and who is required to file the form
2. What is a U.S. trade or business (USTOB) and effectively connected income (ECI)
3. What is a reportable transaction and how are they calculated for each LLC
4. How to complete IRS Form 5472 with a proforma Form 1120
5. What parts must be completed and what attachments are necessary
6. How does a single member LLC file an extension request with the IRS
7. When does a U.S. LLC need to file an FBAR
8. If Form 5472 is filed late, what are the options to avoid penalties from the IRS.

Who this course is for:

Non-U.S. persons or entities that are the sole owner of a U.S. limited liability company