My books live in Xero in Europe — can I keep my LLC's records abroad or do they have to be in the US?
All of my LLC's bookkeeping is in a cloud accounting tool hosted in Europe, and my contractor invoices and bank records are over here too. Does section 6038A require me to physically keep the records in the United States? If the IRS asks for them, how fast do I have to produce them, and what about documents that are in another language?
Related Questions
How long do I have to keep my foreign-owned LLC's records — is there a fixed number of years?
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If I can't produce my records in an IRS exam, can they really disallow my deductions and cost of goods sold?
I've always thought the worst case for a missing Form 5472 or bad records was the $25,000 penalty. But a friend said the IRS can actually throw out my deductions and even my cost of goods sold if I ca...
What bookkeeping records does a foreign-owned single-member LLC actually have to keep for Form 5472?
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Can I keep my section 6038A records electronically, or do I need paper? Is a folder of PDFs enough?
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How do the $25,000 + $25,000-per-30-day section 6038A penalties for failing to keep records actually work?
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What is the 'material profit and loss statement' rule and does my small LLC have to worry about it?
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Is there a checklist of the specific record categories the section 6038A safe harbor expects?
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If we register as an MSB, can the supporting documents stay with our founders overseas or do they have to be kept in the United States?
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My LLC's books are in euros — how do I reconcile that with a US-dollar Form 5472, and what are sections 985-988 about?
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What interest rate do I have to charge on a loan from me (the foreign owner) to my US LLC?
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