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My single-member LLC made no money this year. Do I still need to file taxes for it?
I'm a British citizen who formed a single-member LLC in Delaware through Firstbase about 8 months ago. I haven't launched my product yet so the LLC has $0 in revenue. Do I still need to file anything with the IRS? I heard there's a $25,000 penalty for not filing but surely that can't apply if I made no money?
Related Questions
Which address should I use on Form 5472 and pro forma 1120 — registered agent or personal foreign address?
I'm a non-resident owner of a U.S. single-member LLC (disregarded entity) and I'm preparing my annual Form 5472 filing with the pro forma Form 1120. My real business address is overseas, but international mail delivery is unreliable — I've had IRS letters get lost before. Should I list my registered agent's address as the business address on Form 1120? Or should I use some kind of "care of" (C/O) format? I've seen conflicting advice online — one person says use the registered agent address since it's the LLC's official state address, another says C/O isn't even in the instructions. Also, do the addresses on Form 1120 and Form 5472 Part I need to match exactly? I don't want mismatched addresses to flag my return for manual review. Any guidance from people who've actually dealt with this would be really helpful.
My foreign-owned LLC had zero income this year. Do I still need to file Form 5472?
I formed a single-member LLC in Wyoming through Stripe Atlas about a year ago. I'm a non-US person living in Germany. The LLC hasn't made any money yet — it's basically dormant. I did put about $2,000 into the bank account to keep it open and paid for a registered agent. Do I really need to file Form 5472 + pro forma 1120 if my LLC earned nothing? The penalty is $25,000 which seems insane for a company with zero revenue. Some people online say you don't need to file if there's no income, but others say you always have to. Which is it?
What exactly does 'non-U.S. person' mean on Form 5472? I'm confused by the IRS terminology.
I'm trying to fill out Form 5472 for my single-member LLC and it keeps referring to 'non-U.S. person' and '25% foreign owner.' I'm a Canadian citizen living in Toronto who formed an LLC in Wyoming. Am I a non-U.S. person? I don't have a green card or SSN. The IRS terminology is really confusing — they seem to use 'non-U.S. person,' 'foreign person,' and 'nonresident alien' somewhat interchangeably. Can someone clarify what these terms actually mean and whether I qualify?
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