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.