What goes on Form 8858 Schedule M and how do I report transfers to my foreign entity?
I filed Form 8858 last year for my foreign disregarded entity but my preparer left Schedule M blank. This year I transferred about $30,000 from my U.S. account to the entity's foreign bank account for operating expenses. I also paid some U.S. vendors on behalf of the entity. Do these count as reportable transactions on Schedule M? I want to get this right because the penalties seem severe.
Related Questions
I contributed cash and equipment to my foreign partnership. Do I need Schedule O of Form 8865?
I'm a U.S. person and I contributed $100,000 in cash and some computer equipment (worth about $20,000) to a foreign partnership that I'm a 40% partner in. My tax advisor mentioned Schedule O of Form 8...
What is Form 8858 and does my foreign disregarded entity need it?
I'm a U.S. citizen living in the UK and I have a UK limited company that I elected to treat as a disregarded entity for U.S. tax purposes. My CPA mentioned I might need to file Form 8858 in addition t...
My parents overseas sent me $150,000 as a gift. Do I need to report this to the IRS on Form 3520?
I'm a U.S. citizen and my parents who live in India sent me $150,000 as a gift to help with a house down payment. I know gifts are generally not taxable to the recipient in the U.S., but a colleague m...
Which Form 5472 exceptions don't apply to my foreign-owned single-member LLC?
I keep reading about Form 5472 exceptions — Form 5471 with Schedule M substituting, foreign sales corporation exceptions, foreign-to-foreign with no U.S. tax effect, and the small-corporation safe har...
I transferred my software IP to my foreign corporation. Do I need Form 926?
I'm a U.S. person and I recently incorporated a company in Ireland for tax and business reasons. I transferred ownership of my software intellectual property (valued at approximately $2 million based ...
Do interest limitation rules apply to a foreign-owned single-member LLC with intercompany loans?
My foreign company lent money to my U.S. LLC to fund operations. The LLC pays interest back to my foreign company. Does the Section 163(j) interest limitation apply to a disregarded entity LLC? If so,...
How do I send international wire transfers from my foreign LLC's U.S. bank account?
I have a Mercury account for my foreign-owned LLC and I need to send money to myself in my home country (Poland). What's the process for sending an international wire from Mercury? What information do...
I'm from Mexico — how does my U.S. LLC get taxed?
I am a Mexican citizen living in Monterrey. I formed a New Mexico LLC for my online coaching business. I serve clients in the U.S. and Latin America but work entirely from Mexico. What are my tax obli...
How does the 2026 remittance excise tax affect transfers from my foreign LLC?
I am a nonresident alien with a U.S. LLC and regularly wire money from the LLC bank account to my personal account in my home country. I have heard that a 1% federal remittance excise tax began in 202...
What BIR forms do I need to file for my U.S. LLC income?
I earn income through my U.S. LLC and want to report it properly to the BIR. I'm registered as a self-employed professional. Do I file 1701Q quarterly? Do I need to register the LLC itself with the BI...
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.
