The IRS filing your company owes, even in a year with no income.
Most foreign-owned LLCs owe no US income tax, but nearly all of them owe the IRS a filing every year. The penalty for missing it starts at $25,000. Both plans put the date on your calendar, with a reminder a month ahead.
Checked by the BaseAcross team.
What the IRS expects
- The form
- Form 5472With a pro forma 1120
- Due
- 15 AprilOr 15 October with Form 7004
- If it's missed
- $25,000Per form, applied automatically
- With no income
- Still owedBy a single-member LLC, foreign-owned
What does your company file with the IRS?
It depends on how the company is set up. Here is each case, for a tax year ending in December.
Read the full explanation
On both plans every date goes on your calendar, with a reminder a month before it falls due, and you or your accountant file the return. We prepare each contractor's Form 1099-NEC from your books, and file them with the IRS for $49 if you want us to.
If you want someone to look at your position before you file, a call with a US tax specialist is $149. They file 5472 and 1120 returns for non-resident owners every week. The Form 5472 guide walks through the form line by line.
| Company | What it files | Due |
|---|---|---|
| Single-member LLC with a foreign owner | Form 5472 with a pro forma Form 1120, sent by post or fax | 15 Aprilor 15 October with Form 7004 |
| LLC with two or more members | Form 1065, with a Schedule K-1 for each member. Forms 8804 and 8805 as well, but only if there's effectively connected income to withhold tax on | 15 Marchor 15 September with Form 7004 |
| Foreign-owned C-Corporation | Form 1120, plus a Form 5472 for each foreign shareholder who owns 25% or more | 15 Aprilor 15 October with Form 7004 |
| Any company that pays US contractors | Form 1099-NEC for each US contractor you paid $2,000 or more by bank transfer during the year. We prepare it from your books, and file it for $49 | 31 Januaryto the contractor and to the IRS |
| By plan | Launch$249 a year | Operate$199 a month |
|---|---|---|
| Every federal date on your calendar | Included | Included |
| Form 1099-NEC prepared from your books | Included | Included |
| Form 1099-NEC filed with the IRS | $49 | $49 |
| Call with a US tax specialist | $149 | $149 |
What does the filing need from you?
The company's bank statements and a record of what went in and came out. Clean books make it a short job.
The company's bank statements for the year. It's one of the reasons a separate business account matters from day one.
What went in and what came out. That's the money you put into the company and the money it paid you. Form 5472 reports both, line by line.
Who you paid as contractors, with their W-9s, so the 1099s can be prepared.
Anything out of the ordinary, like a loan, a large purchase or a second owner joining. Tell your accountant before the year ends.
Questions about tax filing.
If yours is not here, email us at hello@baseacross.com before you order.
It's an IRS information return. A US LLC with a single foreign owner files it every year, attached to a pro forma Form 1120, to report the money and property that moved between the owner and the company. It isn't a tax bill, but the penalty for not filing it starts at $25,000.
Usually, yes. A single-member LLC with a foreign owner files Form 5472 with a pro forma Form 1120 every year, reporting what moved between you and the company, even if the company earned nothing. An LLC with two or more members files Form 1065 with a K-1 for each member once it has any income or expenses. A corporation files Form 1120.
Not on Launch or Operate. Both put the date on your calendar with a reminder a month ahead, and you or your accountant file it. If you want someone to look at your position first, a call with a US tax specialist is $149.
The Contractors page in your dashboard builds the list from your books, and we prepare each Form 1099-NEC. Filing them with the IRS by 31 January is $49, and each contractor's copy goes in your documents for you to send. The threshold is $2,000 paid during the year by bank transfer. Card and PayPal payments are reported by the payment company instead.
No. Your own country's return, and any tax due there on what the company paid you, stays with you and your local accountant. The company's books give them the figures they need.
We'll tell you what the forms ask for. Whether you owe US tax mostly comes down to whether your business has effectively connected income, and that's a question for a tax adviser. A call with a US tax specialist is $149.
File as soon as you can, even late. The penalty is $25,000 per form, and the IRS applies it automatically when a late form arrives. It's removed only if you can show reasonable cause, which the IRS reads narrowly, so include a statement of that cause if you have one. Email us and we'll tell you what the late filing needs.
What we file
Answer the questions. We do the filing.
It takes about four minutes. You see the whole order, state fee included, before anything is charged.
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