IRS Compliance & PenaltiesAnswered

Does my U.S. LLC file Form 8938, or do I as the owner — when the foreign account is held by the LLC?

O3
olivia_3495new member
May 8, 2026 0 views 1 answer
form 8938fatcaspecified domestic entityforeign accountnra owner

My foreign-owned single-member Wyoming LLC opened a bank account in Singapore for vendor payments. The account holds about $80,000 across the year. I'm a non-resident alien (the LLC's owner). Form 8938 is for 'specified domestic entities' and 'specified individuals' — but who actually has the filing duty here, the LLC, me, or no one?

Related Questions

ComplianceAnsweredFeatured

Buyer is purchasing 100% of my single-member LLC — is that a company sale or an asset sale for US tax?

I'm a non-US founder with a single-member Wyoming LLC (disregarded entity, I file Form 5472 with a pro forma 1120 every year). A US buyer wants to acquire 100% of my membership interest. My lawyer dra...

T8
tomas_8c1f·May 12, 2026
1,8401
ComplianceAnswered

Does electing C-corp on Form 8832 help or hurt my tax treaty benefits as a foreign owner?

I'm a foreign owner of a US LLC in a country with a US tax treaty. Someone suggested electing C-corp status to 'use the treaty.' Does becoming a corporation actually help my treaty position, or could ...

S2
sven_2a87·May 18, 2026
1,2401
ComplianceAnswered

If I should have filed Form 8938 but didn't, does that keep my tax year open too?

My LLC may have crossed into being a specified domestic entity, and I think I should have filed Form 8938 with the return but didn't. Separate from the $10,000 penalty, does leaving Form 8938 off the ...

M4
mei_4c08·May 14, 2026
9801
ComplianceAnsweredFeatured

My CPA mentioned IRC 7701(a)(30) — what does 'U.S. person' mean for my foreign-owned LLC?

I live in Germany and own a single-member LLC in Wyoming. My CPA keeps referencing IRC Section 7701(a)(30) when explaining why I file differently than a domestic owner. He says I'm not a 'U.S. person'...

LD
lukas_de_5b49·Sep 17, 2018
2,8411
ComplianceAnswered

My company is formed in the UK and registered in New York. Does that still make me a BOI filer even though domestic LLCs are exempt now?

I am a UK resident and my business is a UK company that registered to do business in New York instead of forming a new U.S. LLC. After the 2025 BOI rule changes, I got confused because everyone now ta...

OA
oliver_afb4·Sep 27, 2024
2,4301
ComplianceAnswered

The IRS says audits can happen by mail or in person. Does that change how I prepare my Form 5472 records?

I am in Israel and trying to build a stronger compliance binder after hearing more stories about Form 5472 exams. The IRS audit pages mention correspondence exams, office audits, and field audits. Sin...

AE
amit_ec65·Jan 24, 2025
2,1401
ComplianceAnswered

If I receive client money into my personal foreign account before moving it to the LLC, does the LLC still have an FBAR problem?

I am in Argentina and my U.S. LLC is still new, so some clients keep paying into my personal business account in Buenos Aires before I transfer the money to the Delaware LLC. I know this is not ideal ...

L0
leandro_0852·Oct 1, 2024
2,6701
ComplianceAnsweredFeatured

Form 8938 vs FBAR: what exactly is the difference and do I need both?

I've been filing FBARs for my foreign bank accounts for years. Now my new tax preparer says I also need Form 8938. This seems like double reporting the same information. What is the actual difference ...

TE
tom_e3b9·Sep 8, 2019
3,1021
ComplianceAnsweredFeatured

What interest rate do I have to charge on a loan from me (the foreign owner) to my US LLC?

I wired money into my US LLC to fund operations and we're calling it an owner loan. What interest rate keeps the IRS happy under the section 482 rules? Is there a safe range tied to the AFR I can just...

M6
mateus_6b13·May 20, 2026
1,8101
ComplianceAnswered

I paid an LLC expense from my personal foreign account, then the LLC reimbursed me — what records does section 6038A want?

This happens a lot: I, the foreign owner, pay a vendor or a subscription from my personal account abroad because it's easier, and later the LLC reimburses me (or doesn't). There's no formal agreement....

LF
Lucas F.·May 29, 2026
1,4101

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/mo

Disclaimer: 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.

Watch the walkthroughs