Now that my LLC has an employee, does anything change about Form 5472 and the pro forma 1120?
Polish founder, foreign-owned single-member LLC, filing Form 5472 with the pro forma 1120 every year since formation. We hired our first US employee last month and suddenly there's a whole new universe of payroll forms. Does the payroll system replace or modify the 5472 filing? For example, is the LLC now 'a corporation' for everything since I read the payroll rules treat it as one? I don't want to keep filing 5472 if the employment changed the classification.
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