foreign company and IRS

[romero987]

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

 

[Fulton Abraham Sanchez]

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

R, 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.