The EIN and IRS forms · A term for founders abroad
What is a fiscal year?
The twelve-month accounting period a company files on; the calendar year for almost every small company and every individual-owned single-member LLC.
Checked against the IRS's instructions and the states' own rules. Reviewed by Saais Patel, compliance reviewer.
Term 36 of 105 in the glossary, filed under F.IRS: instructions for Form 5472
Fiscal year, for a founder abroad.
A corporation can choose a year end other than December, and its return is then due on the 15th day of the fourth month after it. Its first return chooses the year.
A foreign-owned single-member LLC uses its owner's US tax year or, if the owner has none, the calendar year, so its Form 5472 is due 15 April. The compliance calendar assumes the calendar year unless the company chose otherwise.
Sources: IRS: instructions for Form 5472.
Read next · guide · 3 minThe tax and filing calendar for a foreign-owned US companyWhat founders ask next.
- Can my foreign-owned LLC use my home country's tax year?
- Not for Form 5472. With no US tax year of your own, the company uses the calendar year.
03 · See also
- The EIN and IRS formsForm 1120The US corporate income tax return, filed yearly by a C-Corporation and, as a pro forma version, by a foreign-owned single-member LLC.Read the term
- The EIN and IRS formsForm 7004The IRS form that gives a business six more months to file its return, including the pro forma 1120 with Form 5472; it doesn't extend time to pay.Read the term
- The EIN and IRS formsEINThe nine-digit tax number the IRS assigns to a business, and the first thing every US bank, payment processor and marketplace asks for.Read the term
- The EIN and IRS formsSSNThe US personal tax and benefits number for citizens and people authorised to work; not something a founder abroad has or needs to own a US company.Read the term
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