Hello
I think I may have a compliance problem and I want to solve it before it's too late and expensive
I was in the US in 2019 and 2020 as nonresident alien (f1 visa)
I am tax resident in my home country
I incorporated a business in EU in 2019 (while I was in the US) to do drop shipping targeting EU market and sourcing from my home country
no banking in US, no business/trade in US
I liquidated the business in 2020 after loosing all my invested money (around 4000 EUR) without making even a single EUR (0 EUR income)
Now, I left US to my home country in 2020 after finishing my f1 program
I heard that my business may be considered engaging in US trade/business and thus has some filing requirements including form 5472 and 1120-F
Am I in trouble with IRS ?
If there is a mess, what should I do to fix it and what risks if I don't ? (I have plans to return to US on work visa/GC in the future and I want to be compliant as much as possible)
Thanks for advice
I think I may have a compliance problem and I want to solve it before it's too late and expensive
I was in the US in 2019 and 2020 as nonresident alien (f1 visa)
I am tax resident in my home country
I incorporated a business in EU in 2019 (while I was in the US) to do drop shipping targeting EU market and sourcing from my home country
no banking in US, no business/trade in US
I liquidated the business in 2020 after loosing all my invested money (around 4000 EUR) without making even a single EUR (0 EUR income)
Now, I left US to my home country in 2020 after finishing my f1 program
I heard that my business may be considered engaging in US trade/business and thus has some filing requirements including form 5472 and 1120-F
Am I in trouble with IRS ?
If there is a mess, what should I do to fix it and what risks if I don't ? (I have plans to return to US on work visa/GC in the future and I want to be compliant as much as possible)
Thanks for advice
