What bookkeeping do I need to maintain for my foreign LLC's bank account?
I've been running my foreign-owned LLC for about six months and I've been pretty lax about bookkeeping. I have a Mercury account with maybe 50-60 transactions total — mostly client payments and a few expenses.
Do I actually need formal bookkeeping? I'm a disregarded entity so I don't pay U.S. income tax. But I still file Form 5472. What records does the IRS expect me to keep? Can I just download bank statements and call it done, or do I need proper accounting software like QuickBooks?
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