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ErinErin
Level 1

Forms for LLC

Please help me clear the confusion regarding forms that need to be filed by LLC. 

The LLC is a domestic partnership, consisting of 3 members. Two of the members are foreign persons (each owns 30% ). 

Is the following correct?

1) The LLC has to file form 1065 and this can be done electronically via Turbo Tax
2) The LLC has to also file form 5472 and this can be done only by mail (cannot be filed electronically)
Are there any additional forms that have to be filed? 

 

2 Replies
LudwigVan_fan
Level 7

Forms for LLC

Based on your statement of filing Form 1065, I'm assuming your LLC has elected to file as a partnership and not as a corporation.

 

Here is a link to the IRS website, Helpful Hints for Partnerships with Foreign Partners

 

https://www.irs.gov/individuals/international-taxpayers/helpful-hints-for-partnerships-with-foreign-...

 

This page has a lot of useful information and links to other pages for forms, instructions, and other information.

 

Link to Publication 541  Partnerships

 

https://www.irs.gov/publications/p541

 

Without doing a lot of research, Form 5472 appears to apply to a reporting corporation, not a partnership.  But I didn't research that much.  I suggest taking another look at that form and its instructions.

 

Your partnership might be liable for filing Form 8804, Form 8805, and / or Form 8813...depending on business etc., etc.  You'll need to research those instructions and how they apply to the business of your partnership.

Link to instructions for Form 8804, 8805, and 8813

https://www.irs.gov/forms-pubs/about-form-8804

https://www.irs.gov/pub/irs-pdf/i8804.pdf

 

 

 

 

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**
Carl
Level 15

Forms for LLC

1) The LLC has to file form 1065 and this can be done electronically via Turbo Tax

Yes. You have to use TurboTax Business (different from Home & Business). TurboTax business is only available for the Windows operating system.  Turbotax Business is not available as an on line product or for MAC computers. Windows only. You can purchase TurboTax Business directly from Intuit at https://turbotax.intuit.com/small-business-taxes/

Be aware that the 1065 Partnership return has a "drop dead" due date to the IRS of March 15th. The late filing penalty is $200 per month, per partner. So file on March 16th and you've automatically got a $600 late filing penalty.

2) The LLC has to also file form 5472 and this can be done only by mail (cannot be filed electronically)

Based on what facts? From what I read at the very top of the form, the 5472 needs to be filed if a *CORPORATION* registered in the U.S. has more than 25% foreign ownership. A multi-member LLC or Partnership is not incorporated and therefore does not meet the requirements to file a 5472.

 

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