I'm becoming a U.S. tax resident — what changes for my foreign-owned LLC?
I've been operating a Wyoming LLC as a nonresident alien for 3 years, filing Form 5472 every year. Now I'm getting a green card through my employer. What changes for my LLC once I become a U.S. tax resident? Do I stop filing Form 5472? Do I start filing differently? I've heard that becoming a resident actually simplifies things, but I want to make sure I don't miss any steps during the transition.
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