I keep wiring money from my personal foreign account into the LLC. How do I decide whether that was capital or a loan for Form 5472?
I live in Brazil and own a single-member Delaware LLC. Over the last year I sent several personal wires into the company to cover software bills, contractors, and a few large formation costs. I never wrote formal loan notes, but I also did not consciously think of the transfers as permanent capital. At the time I was just trying to keep the business moving.
Now I am worried that I left the whole funding file unlabeled. I want to know how founders should approach this before the year-end Form 5472 package gets built on a pile of transactions that were never clearly characterized.
Related Questions
My adviser keeps talking about reasonable cause, but I think the penalty may be wrong on basic liability first. Does that distinction matter?
The way the case is being framed right now jumps straight to 'tell them why you had reasonable cause,' but I am not convinced that is the first question. If the form was actually filed, if the notice ...
I keep hearing about Schedule C, but my foreign-owned LLC adviser says it may not apply to me at all
I am in Brazil and own a single-member U.S. LLC. Generic LLC content online keeps telling me Schedule C is the standard return for a one-owner business. My U.S. adviser says that is domestic content a...
When I move an app from personal ownership into the LLC, is the bookkeeping cutoff date as important as the platform transfer itself?
I am based in Spain and my app started under my personal accounts on Apple and Google. I now have a U.S. LLC and I am cleaning up the legal and tax side. My instinct was to focus on platform transfers...
My advisor says the treaty protects me, but do I actually need Form 8833 if no U.S. tax ends up due?
I am in France and use a Delaware LLC for consulting. My advisor says the treaty should protect me because there is no permanent establishment in the U.S., and that my U.S. tax may be reduced to zero ...
My LLC is filing Form 5472, but does that mean I personally also file Form 1040-NR?
I live in South Korea and own a Delaware single-member LLC. My preparer is getting ready to file Form 5472 with the pro forma Form 1120 because I had owner funding and reimbursements during the year. ...
My accountant filed Form 7004 for the LLC. Does that also extend my own 1040-NR deadline?
I am a Spanish founder with a foreign-owned U.S. LLC, and my accountant filed Form 7004 because the Form 5472 package was not ready by the spring deadline. At first I felt relieved, but then I realize...
My LLC only files Form 5472 with a pro forma 1120. On Form 7004 do I still use the 1120 code?
I am in Canada and my accountant is preparing an extension for my foreign-owned single-member LLC. Since the business is disregarded, I assumed there would be some special code for Form 5472 itself. B...
I paid several LLC bills personally and never reimbursed myself. Does that still need a clean Form 5472 story?
I live in Colombia and my Delaware LLC was underfunded for most of the year, so I kept paying subscriptions, contractors, and filing fees from my personal foreign cards. I never reimbursed myself beca...
My K-1 has QBI info, but how do I know whether to use Form 8995 or Form 8995-A?
I received a K-1 from a U.S. partnership and the attachment includes QBI information, W-2 wages, and UBIA figures. That made me assume Form 8995-A is always required whenever a K-1 shows all those det...
My software ignored Form 8801 because I do not owe AMT this year. Is that a mistake if I paid AMT before?
I paid AMT in a prior year because of timing issues, but the current-year return does not generate AMT. My software is acting like that means the topic is over and no form is needed. A different advis...
Have a similar question?
ForeignLLCTax members get expert answers with IRS citations. One CPA consultation costs $200+. Full access is $9.99/month.
Become a Member — $9.99/moDisclaimer: All content on ForeignLLCTax.com is created by a tax professional and is provided for general educational and informational purposes only. It does not constitute tax, legal, or accounting advice, and should not be relied upon as such. Every tax situation is different — for advice specific to your circumstances, please consult a licensed CPA, Enrolled Agent, or tax attorney. By using this website, purchasing a subscription, or accessing any tools or services, you acknowledge that no client-professional relationship is established between you and ForeignLLCTax.com or its operators. This website is not affiliated with the IRS.
