New Mexico LLC with Mercury Bank Account, question about 5472 form and funding crypro exchanges

[juancho]

Hi there!

I opened a LLC in New Mexico to start getting payments from my clients in the UK.

I'm a resident in Argentina, so my plan is to use this LLC as a passthrough.

I've opened a Bank account in Mercury Bank, so far so good!

I have the following questions

1. Do I need fo fill the 5472 form in April? I just registered the LLC and already got a payment. Can I do that myself? Or can you recomment any company / CPA which is not that expensive and will do that for me?
   
   
2. I want to fund a crypto currency exchange account with USD coming from my LLC Business Bank account in Mercury and I'm finding that tricky. The easiest option I think I've found so far is to make a swift transfer from Mercury to Kraken Crypto Exchange account, and ask them to releasing the deposit upon receiving it. Since the deposit coming from Mercury doesn't state my name, Kraken will hold it up. The whole process to make a deposit can take days, and I'm trying to find an easier way to do that ?

Thanks for your responses!

J

 

[Eldorado]

Do I need fo fill the 5472 form in April?

You report to the IRS income from the previous year. So if you've found your LLC this year, do this till April 2023

 

[juancho]

Thanks Eldorado! Can you clarify if that's always needed, independently of where the LLC is registered? Mine is in New Mexico.

Do you have any CPA to recommend for this for me?

Also, if I'm getting paid for services and the clients are from the UK, I don't live in the US, I shouldn't be liable for paying taxes in the US, right?

Thanks!

 

[startfleetio]

Hi there!

I opened a LLC in New Mexico to start getting payments from my clients in the UK.

I'm a resident in Argentina, so my plan is to use this LLC as a passthrough.

I've opened a Bank account in Mercury Bank, so far so good!

I have the following questions

1. Do I need fo fill the 5472 form in April? I just registered the LLC and already got a payment. Can I do that myself? Or can you recomment any company / CPA which is not that expensive and will do that for me?
   
   
2. I want to fund a crypto currency exchange account with USD coming from my LLC Business Bank account in Mercury and I'm finding that tricky. The easiest option I think I've found so far is to make a swift transfer from Mercury to Kraken Crypto Exchange account, and ask them to releasing the deposit upon receiving it. Since the deposit coming from Mercury doesn't state my name, Kraken will hold it up. The whole process to make a deposit can take days, and I'm trying to find an easier way to do that ?

Thanks for your responses!

J

When did you form your LLC? if you form in 2021, then you need to file Form 5472 before April 15th

 

[fbsworld]

Hi,

> Do I need fo fill the 5472 form in April?

Yes for sure!

> I just registered the LLC and already got a payment. Can I do that myself? Or can you recomment any company / CPA which is not that expensive and will do that for me?

You can do it by yourself if you know what you are doing...

> funding crypro exchanges

FYI: "Virtual currency transactions are taxable by law just like transactions in any other property."
Source: Virtual Currencies | Internal Revenue Service

 

[grey734]

Hi there!

I opened a LLC in New Mexico to start getting payments from my clients in the UK.

I'm a resident in Argentina, so my plan is to use this LLC as a passthrough.

I've opened a Bank account in Mercury Bank, so far so good!

I have the following questions

1. Do I need fo fill the 5472 form in April? I just registered the LLC and already got a payment. Can I do that myself? Or can you recomment any company / CPA which is not that expensive and will do that for me?
   
   
2. I want to fund a crypto currency exchange account with USD coming from my LLC Business Bank account in Mercury and I'm finding that tricky. The easiest option I think I've found so far is to make a swift transfer from Mercury to Kraken Crypto Exchange account, and ask them to releasing the deposit upon receiving it. Since the deposit coming from Mercury doesn't state my name, Kraken will hold it up. The whole process to make a deposit can take days, and I'm trying to find an easier way to do that ?

Thanks for your responses!

J

Hello, can you contact me privately.

 

[juancho]

Hello, can you contact me privately.

Hello, can you contact me privately

Won't let me message you privately

 

[grey734]

Won't let me message you privately

Check my PM...

 

[Tranceup]

Can't speak in Spanish? They deleted our messages.

 

[latindev]

Can't speak in Spanish? They deleted our messages.

Yeah looks like everything that is not english is a no no here

 

[Sols]

This is an English language forum. When the posts were deleted, a notification should've shown up to you with a reminder to please stick to English. If not, consider this the reminder.

 

[latindev]

This is an English language forum. When the posts were deleted, a notification should've shown up to you with a reminder to please stick to English. If not, consider this the reminder.

Yeah it was there, still wanted to say it here so others are aware of it

 

[juancho]

Can't speak in Spanish? They deleted our messages.

I didn't there was such rule. So basically all I said is that sometimes I tranfer money using transferwise

Can't speak in Spanish? They deleted our messages.

Hey there, so basically what I said is that I was asking about crypto cause that's one of the ways I can get money to the country, but not the only one. Until Blockfi's bankrupcy I was pretty much funding my blockfi with my mercury account, then transferring it to Binance and changing it in Arg at any arbolito that would take USDT. But there are other opotions, such as using transferwise to transfer money to anyone that needs money on their account abroad and can give you the USD directly in Arg. The other option is to withdraw money in Uruguay where you can get up to 1000 USD per day from any cash machine for a USD 5 per transaction. I sometimes do that because I travel there often. If you have any other options, I would appreciate if you could share

Do you live in Arg and have a SMLLC? Would be interesting to know how you manage it. I started a year ago and I'm about to fill the tax forms for the first time before the end of April. One of my concerns from now on is to stop using my US personal account and stick to the Business one that belongs to the the LLC, because of Masa's new arrangements for automatically receive information of personal accounts which are hold by nationals of Arg in the US.

 

[Tranceup]

I didn't there was such rule. So basically all I said is that sometimes I tranfer money using transferwise

Hey there, so basically what I said is that I was asking about crypto cause that's one of the ways I can get money to the country, but not the only one. Until Blockfi's bankrupcy I was pretty much funding my blockfi with my mercury account, then transferring it to Binance and changing it in Arg at any arbolito that would take USDT. But there are other opotions, such as using transferwise to transfer money to anyone that needs money on their account abroad and can give you the USD directly in Arg. The other option is to withdraw money in Uruguay where you can get up to 1000 USD per day from any cash machine for a USD 5 per transaction. I sometimes do that because I travel there often. If you have any other options, I would appreciate if you could share

Do you live in Arg and have a SMLLC? Would be interesting to know how you manage it. I started a year ago and I'm about to fill the tax forms for the first time before the end of April. One of my concerns from now on is to stop using my US personal account and stick to the Business one that belongs to the the LLC, because of Masa's new arrangements for automatically receive information of personal accounts which are hold by nationals of Arg in the US.

Perhaps it is convenient for you directly to arrange with a cave to transfer from mercury bank to their account and that they give you the cash.Maybe they even accept that you give them an invoice.

My LLC is still pending, I can't help you with that.

If you want, send me your facebook privately and we'll be in touch to help each other.

 

[jazgodoy]

I didn't there was such rule. So basically all I said is that sometimes I tranfer money using transferwise

Hey there, so basically what I said is that I was asking about crypto cause that's one of the ways I can get money to the country, but not the only one. Until Blockfi's bankrupcy I was pretty much funding my blockfi with my mercury account, then transferring it to Binance and changing it in Arg at any arbolito that would take USDT. But there are other opotions, such as using transferwise to transfer money to anyone that needs money on their account abroad and can give you the USD directly in Arg. The other option is to withdraw money in Uruguay where you can get up to 1000 USD per day from any cash machine for a USD 5 per transaction. I sometimes do that because I travel there often. If you have any other options, I would appreciate if you could share

Do you live in Arg and have a SMLLC? Would be interesting to know how you manage it. I started a year ago and I'm about to fill the tax forms for the first time before the end of April. One of my concerns from now on is to stop using my US personal account and stick to the Business one that belongs to the the LLC, because of Masa's new arrangements for automatically receive information of personal accounts which are hold by nationals of Arg in the US.

Hi have you find out how to buy crypto with your business account, or another way to bring the USD to Argentina? I am about to open my LLC and I was also thinking of that. I am from Argentina too. Can we talk privately?

 

[Tranceup]

Hi have you find out how to buy crypto with your business account, or another way to bring the USD to Argentina? I am about to open my LLC and I was also thinking of that. I am from Argentina too. Can we talk privately?

With the llc you open an account in wise, then with wise's money you go to an exchange house and exchange it for crypto or whatever you want.

 

[jazgodoy]

With the llc you open an account in wise, then with wise's money you go to an exchange house and exchange it for crypto or whatever you want.

Ok thanks, I am glad that we are both from Argentina. I am a bit afraid of getting my account closed as Mercury may consider it as a suspicious movement.
However what is your experience using WISE ?
Have you heard about Bitwage? It seems as a good choice in order to avoid Wise, as it is a ACH transfer (Local from your LLC in USA) , and u directly receive Crypto, or whatever curency you choose.

 

[Tranceup]

Ok gracias, me alegro que los dos seamos argentinos. Tengo un poco de miedo de que me cierren la cuenta, ya que Mercury puede considerarlo un movimiento sospechoso.
Sin embargo, ¿cuál es su experiencia con WISE?
¿Has oído hablar de Bitwage? Parece una buena opción para evitar Wise, ya que es una transferencia ACH (local de su LLC en EE. UU.), y usted recibe directamente Crypto, o cualquier moneda que elija.

it is an exchange / transfer between private, neither wise nor anyone knows the reason for the transfer.

 

[jazgodoy]

it is an exchange / transfer between private, neither wise nor anyone knows the reason for the transfer.

Ok thanks. The only great obstacle that I found was not being able to get a a safe way to bring the money to Argentina to get a good exchange. I will export physical goods.

 

[padres123]

Hi there!

I opened a LLC in New Mexico to start getting payments from my clients in the UK.

I'm a resident in Argentina, so my plan is to use this LLC as a passthrough.

I've opened a Bank account in Mercury Bank, so far so good!

I have the following questions

1. Do I need fo fill the 5472 form in April? I just registered the LLC and already got a payment. Can I do that myself? Or can you recomment any company / CPA which is not that expensive and will do that for me?
   
   
2. I want to fund a crypto currency exchange account with USD coming from my LLC Business Bank account in Mercury and I'm finding that tricky. The easiest option I think I've found so far is to make a swift transfer from Mercury to Kraken Crypto Exchange account, and ask them to releasing the deposit upon receiving it. Since the deposit coming from Mercury doesn't state my name, Kraken will hold it up. The whole process to make a deposit can take days, and I'm trying to find an easier way to do that ?

Thanks for your responses!

J

Was it difficult to open an account with Mercury Bank? I mean, was there an interview/conversation or everything normal online?