Recent content by penguin

Thanks, yea, my reading of the information does suggest personal accounts in other countries are not relevant (unless perhaps the awkward situation where business and personal accounts get accidentally co-mingled, or a third party is operating an account on behalf of the LLC), but I am weary of...

I'll tell you my understanding, from a careful reading of some documents on the FBAR website, and the PDF instructions for completing the LLC FBAR. There are two types of "accounts" that need to be reported. Accounts/resources created in the name of the LLC. Accounts/resources in someone else's...

I heard that if it is sent in on paper, they may actually check the ink. But if it's faxed, then obviously they cannot check the ink. I'd try my best to make sure it looks as real as possible. I wonder what they do if they decide the signature doesn't look inked. Would they throw it out? Would...

That does sound quite high, finding a good accountant for international tax situations does seem quite difficult. Plenty of people offering services via websites, but how do you know who are the good options. I genuinely don't know. But yea, I assume part of the expense of these things, is that...

My personal thinking on this is different, for something that carries such high penalties for being done incorrectly, I am not sure if cheapest is the wisest choice. The fine for it not being accepted starts at $25k, and there is a possibility for a secondary type of fine which is a $25k per...

In lieu of it seeming like no one really knows, how does one go about finding out more information about this specifically. I assume a regular US CPA wouldn't know many of the nitty gritty details regarding the special subset of people who are in the LLC category of foreign owned disregarded...

I am not an accountant, but it's my understanding the 5472 reports transactions between you (as a foreign entity) and the LLC as a US entity for the year that is being reported. It sounds like you have a US bank account, are all the transactions running through that, or do the transactions...

It literally says in the text you pasted that a LLC must file an FBAR. My understanding is that an LLC is considered a U.S Person, and thus may be required to file an FBAR. See also, according to this link...

I want to make sure I understand the FBAR rules, as there is one minor point that feels ambiguous/unclear to me. I understand the basic idea of FBAR for a U.S. LLC is that the LLC is a "US Person", and therefore it has to file an FBAR. An LLC therefore reports foreign accounts outside the USA...

Aren't Fincen and IRS part of the literal exact same government department/agency? I can't see how this information won't be interchanged internally.

I am curious if there is any nuance to the "paid for the llc fees with personal funds," I mean, what else would they be? (But yes, they were paid with my personal credit card and declared on the 1120proforma/5472) On the "its no biggie" to do it, the trouble I have where I am staying right now...

As a non US resident and non US citizen, I created a US LLC (single member disregarded entity) in 2023 in optimism for running a specific type of business then realized the tax complexities and decided it wasn't worth going that path. So it was opened and closed in 2023 with zero income and...