Struggling to choose the Best Offshore Set up: Help

[Cloudbanck]

5472 is somewhat tricky. I got professional help‍ the first year, and then did it myself after that.
An annoying thing is that⁠ you cant file the forms online or email them to the IRS. They have to⁤ be sent by post or faxed.
There is no real functioning postal service where I⁣ live, so I use a US based online service that faxes documents to anywhere you⁢ want.

 

[daniels27]

What number have you faxed to? The U
IRS website lists a fax number but‌ not for filing.

https://www.irs.gov/instructions/i1120#en_US_2023_publink100014020
The fax above is only for electronic filing waivers.

Have they‍ accepted the faxed return? I would be very cautious as the fine is 25000 per⁠ 5472 form. You have one first time abatement but still.

 

[Cloudbanck]

See here, in the instructions for 5472, and no they don't send any confirmation back⁣ that they have accepted the letter/fax: Instructions for Form 5472 (01/2024) | Internal Revenue Service⁢ :

"When and Where To File​

File Form 5472 as an attachment to the reporting︀ corporation's income tax return by the due date (including extensions) of that return.

Foreign-owned U.S.︁ DEs.

While a foreign-owned U.S. DE has no income tax return filing requirement, as a︂ result of final regulations under section 6038A, it will now be required to file a︃ pro forma Form 1120 with Form 5472 attached by the due date (including extensions) of︄ that Form 1120. [...]

Dedicated mailing address.​

Foreign-owned U.S. DEs are required to use the︅ following dedicated mailing address. These filers do not use the mailing address provided in the︆ Instructions for Form 1120.

Note.​

“Foreign-owned U.S. DE” should be written across the top of︇ the Form 1120. File these forms by:

• Fax (300 DPI or higher) to 855-887-7737, or︈
  
• Mail to:
  

Internal Revenue Service
1973 Rulon White Blvd
M/S 6112 Attn: PIN Unit
Ogden, UT 84201"

 

[clemens]

how did you get setup after this thread ?

 

[Deepbarrels]

When you send‍ funds from those LLCs to your personal account, the bank of the personal account don't⁠ ask any question? No issue with IRS?

 

[JohnnyDoe]

Deepbarrels said:
When you send funds from those LLCs to your personal account, the bank of the personal account don't ask any question? No issue with IRS?
Click to expand...

I send to BoA, never any questions asked. IRS has no interest in me.

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[sebastian]

Not bad, I‍ would have to learn from you. I think it is easier to get PayPal and⁠ Stripe for a US LLC compared to a UK LTD.