Filing LLC Forms to IRS 2021

[sdip]

Hello, this is the first presentation that I have to do, if someone with experience can contact a CPA or some site that does this or if it is possible to do it yourself the forms 5472 and 1120? or it is necessary to hire a third party, if there are people who have already made their annual presentation, their experience and recommendations are welcome

 

[Fulton Abraham Sanchez]

S, hi. Form 5472 for one member LLC is only needed if the LLC has distributed profits or made you a loan. If that is not the case you do not do either form 1120.

 

[exprtadvisrdev]

Hello, this is the first presentation that I have to do, if someone with experience can contact a CPA or some site that does this or if it is possible to do it yourself the forms 5472 and 1120? or it is necessary to hire a third party, if there are people who have already made their annual presentation, their experience and recommendations are welcome

I suggest you let it handled by someone who has experience with it. People always say it's simple to do but I have been using others services since I don't want to deal with the US and so far everything good for the last couple of years

Most of the providers will charge between $500 to $800

 

[EuroKiss]

S, hi. Form 5472 for one member LLC is only needed if the LLC has distributed profits or made you a loan. If that is not the case you do not do either form 1120.

That’s totally incorrect, you need to fill both 5472 and 1120 (or 1040NR) even if you didn’t make a single penny during the fiscal year. For this reason the US LLC is a bit less appealing than it used to be before 2017, when this new procedure started.

 

[sdip]

That’s totally incorrect, you need to fill both 5472 and 1120 (or 1040NR) even if you didn’t make a single penny during the fiscal year. For this reason the US LLC is a bit less appealing than it used to be before 2017, when this new procedure started.

Who can file Form 5472 and Form 1120 with the IRS?

 

[exprtadvisrdev]

That’s totally incorrect, you need to fill both 5472 and 1120 (or 1040NR) even if you didn’t make a single penny during the fiscal year. For this reason the US LLC is a bit less appealing than it used to be before 2017, when this new procedure started.

Actually he is not totally incorrect, there is an exception in the form (which I think no real business will fall into it) that says: "A reporting corporation is not required to file Form 5472 if any of the following apply. 1. It had no reportable transactions of the types listed in Parts IV and VI of the form." so yeah if your company didn't make a single penny and it was not involved in any of those kind of transactions with you then you don't need to fill the form... Now, I suggest everybody to just fill it since it's just a miserable $500-$800 bucks

 

[fshore]

Actually he is not totally incorrect, there is an exception in the form (which I think no real business will fall into it) that says: "A reporting corporation is not required to file Form 5472 if any of the following apply. 1. It had no reportable transactions of the types listed in Parts IV and VI of the form." so yeah if your company didn't make a single penny and it was not involved in any of those kind of transactions with you then you don't need to fill the form... Now, I suggest everybody to just fill it since it's just a miserable $500-$800 bucks

S, hi. Form 5472 for one member LLC is only needed if the LLC has distributed profits or made you a loan. If that is not the case you do not do either form 1120.

If you paid for registered agent or company renew fee with a personal credit card (a card that isn't owned by the LLC) then you have a reportable transaction.

Hello, this is the first presentation that I have to do, if someone with experience can contact a CPA or some site that does this or if it is possible to do it yourself the forms 5472 and 1120? or it is necessary to hire a third party, if there are people who have already made their annual presentation, their experience and recommendations are welcome

If you have a simple situation and are confident on filing forms and have attention to detail then you could do it yourself. It's not that complicated. But there is a risk if you do something wrong that they will not accept the form and consider it as non delivered.

 

[exprtadvisrdev]

If you paid for registered agent or company renew fee with a personal credit card (a card that isn't owned by the LLC) then you have a reportable transaction.

Yeah, that's a kind of transaction specified in those parts that the exception mentions