As of tax year 2017, any non-U.S. person that wholly owns an LLC will likely be required to file Form 5472 to report their ownership and certain financial transactions with the LLC. This rule has been instituted, in part, to enhance U.S. compliance with international standards on information exchanges. Failure to comply with the filing rules can result in an IRS penalty of $10,000. If you have a U.S. LLC we can help to analyze your situation, inform you about potential issues and help with any required reporting. We can also assist you in setting up an LLC and taking care of the yearly paperwork.
- Foreign owners of U.S. real estate and stocks may face estate tax issues
- IRS confirms the end of the Offshore Voluntary Compliance Program (OVDP) as of September 28, 2018
- A social security number is now required to obtain or renew a U.S. passport
- Foreign owners of U.S. LLC’s are no longer anonymous
- Green Card holders are subject to U.S. tax and reporting requirements