With an LLC registered in any US state, you potentially have several different filing obligations. First, be sure to take care of your FinCEN Beneficial Ownership Interest (BOI) report, if applicable. If you are required to file you could be subject to a deadline of December 31, 2024 or within 90 days of organizing.
Use this site: FinCEN BOI to determine if you are required to file as well as to file your report if you are. Note that there is no charge to file this report and takes only a few moments once you gather the appropriate documents. Be careful of using search engines to find this site as many folks have cleverly produced websites to redirect you and charge a fee for something that can be completed for free!
The above is a legal requirement, not a tax one, but since this is a new requirement we want to be sure to mention it.
To the Internal Revenue Service (IRS) you will file the first page of form 1120 in addition to Form 5472. This form set cannot be electronically filed, and should be faxed or mailed in according to these instructions (summarized below).
“Foreign-owned U.S. DE” should be written across the top of the Form 1120.
File these forms by:
Fax (300 DPI or higher) to 855-887-7737, or
Mail to:
Internal Revenue Service
1973 Rulon White Blvd
M/S 6112 Attn: PIN Unit
Ogden, UT 84201
At this time, Form 5472 is not available in TurboTax products. However, you can obtain the form via the link above. You will also need Form 1120.
While it is certainly possible to fill out and file these forms yourself, we do recommend consulting with a tax professional familiar with this issue for assistance, particularly in your first year. There could be other things to consider based on your facts and circumstances.
If you have income subject to US taxation, you may also be required to file Form 1040-NR which is also not supported by TurboTax. For 1040NR, we recommend our partner Sprintax.
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