I already file Form 5472 with a pro forma 1120 every year — doesn't that cover any withholding reporting too?
My foreign-owned single-member LLC files the Form 5472 plus pro forma 1120 package annually like clockwork. I made a US-source payment to a foreign person this year. Since I'm already reporting related-party stuff on the 5472, isn't that enough? Or is Form 1042-S a completely separate filing I'd still owe on top of the 5472 baseline?
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I keep seeing Form 1042 mentioned but I can't tell when it actually applies to my LLC. Foreign ownership alone? Or only when we pay foreign people? What's the trigger for 2026?
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