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
Filing LLC Forms to IRS 2021
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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.
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 yearssdip said:
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
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Most of the providers will charge between $500 to $800
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.FAS said:
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.
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Who can file Form 5472 and Form 1120 with the IRS?EuroKiss said:
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.
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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 bucksEuroKiss said:
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.
Click to expand...
eadeveloper said:
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
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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.FAS said:
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.
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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.sdip said:
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
Click to expand...
Yeah, that's a kind of transaction specified in those parts that the exception mentionsfshore said:
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.
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