Real Tax Questions, Expert Answers
Get answers to your foreign-owned LLC tax questions from ForeignLLCTax. Every answer includes IRS source citations and step-by-step guidance.
Form 8938 FATCA: Detailed Filing Requirements and Thresholds (Ep. 40)
I have income from outside the U.S. and need guidance on: Form 8938 FATCA: Detailed Filing Requirements and Thresholds. What are my reporting obligations and how do I stay compliant?
Stripe Atlas vs manual LLC formation — is the $500 worth it for the banking setup?
I'm a software developer in India planning to sell a SaaS product to U.S. customers. Stripe Atlas charges $500 to form an LLC in Delaware and includes a Mercury bank account, Stripe account, and other...
What Is the Alternative Minimum Tax (AMT)? Complete Explanation (Ep. 15)
I'm worried about the Alternative Minimum Tax: What Is the Alternative Minimum Tax ? Complete Explanation. How do I know if this affects me and what can I do about it?
IRC 6015(f) Equitable Relief Part 1 (Ep. 65)
My spouse and I have a tax issue and I need to understand: IRC 6015 Equitable Relief Part 1. What relief options are available and how do I qualify?
Can my foreign-owned LLC invest in a Bitcoin ETF? What are the tax implications?
Now that spot Bitcoin ETFs are approved in the U.S., I'm thinking of buying shares through my foreign-owned LLC's brokerage account instead of holding actual Bitcoin. I figure an ETF would simplify th...
MFS Calculation with Medical Bills (Ep. 70)
I need help with my filing status: MFS Calculation with Medical Bills. What are the rules and how do I determine what applies to my situation?
QBI Deduction for REIT and PTP Income: Negative Carryover Rules (Ep. 33)
I need help with the Qualified Business Income deduction: QBI Deduction for REIT and PTP Income: Negative Carryover Rules. How does it work and what are the carryover rules?
How do I get an EIN for my foreign-owned LLC if I don't have a Social Security Number?
I just formed an LLC in Delaware and I need an EIN to open a bank account and file taxes. But I'm not a U.S. citizen or resident — I don't have an SSN or ITIN. The IRS online application asks for an S...
How do I calculate FDII for my U.S. corporation that has both domestic and foreign customers?
My U.S. C-corp has $10 million in total revenue — $6 million from foreign customers and $4 million from domestic customers. Our total deductions are $7 million, and we have about $2 million in depreci...
I accidentally spent too many days in the U.S. and may have become a tax resident — what now?
I'm a German citizen who owns a U.S. LLC and I travel to the U.S. frequently for conferences and client meetings. I just realized that between 2024, 2025, and 2026, my weighted day count under the Sub...
What is IRC 1059A and how does it limit the tax basis of property I import through my U.S. LLC from my foreign company?
I'm a Turkish business owner. My company in Turkey manufactures furniture and my U.S. LLC imports it for resale. My accountant warned me about IRC 1059A — he said there's a limit on the cost basis I c...
How do I report crypto income in my LLC?
My LLC received payments in Bitcoin and Ethereum. How do I report this on Form 5472? Is crypto considered a reportable transaction?
What should an AML compliance program look like for a foreign-owned LLC that is classified as an MSB?
My foreign-owned LLC provides currency exchange services for tourists and has been classified as a Money Services Business. FinCEN says I need a written AML compliance program. I am a small operation ...
Tax treaty between US and UK — does it affect my Form 5472?
I'm a UK citizen with a US LLC. Someone mentioned tax treaties might reduce my filing obligations. Does the US-UK tax treaty change anything about Form 5472?
Can a multi-tier LLC structure reduce NRA estate tax on U.S. real estate?
I'm a non-resident alien from Singapore and I'm buying U.S. commercial real estate worth $5 million. My advisor suggested a multi-tier structure: a Singapore holding company owns a U.S. LLC, which own...
What is Form 3520-A and when does a foreign trust need to file it?
My family has a trust set up in the UK that I'm a beneficiary of. I've been filing Form 3520 to report distributions I receive, but my tax advisor mentioned the trust itself might need to file Form 35...
I'm from the Philippines — how does my U.S. LLC get taxed?
I'm a Filipino citizen and tax resident in Manila. I set up a Wyoming LLC for my virtual assistant agency. I manage a team of VAs in the Philippines serving U.S. clients. What are my IRS and BIR oblig...
What AML rules apply when my foreign-owned LLC buys or sells real estate in the U.S.?
I am a Chinese citizen with a U.S. LLC and I want to invest in residential rental properties in California. I plan to buy properties through my LLC using funds from my personal savings in China. I hav...
Can foreign LLC owners use Section 1031 like-kind exchanges?
My US LLC owns commercial real estate and I am considering exchanging it for another property rather than selling outright. I have heard that Section 1031 like-kind exchanges allow you to defer capita...
I'm from Turkey — how does my U.S. LLC get taxed?
I'm a Turkish citizen living in Istanbul. I formed a Wyoming LLC for my e-commerce business. I work from Turkey selling to U.S. customers through Amazon. What are my IRS and Turkish GIB (Revenue Admin...
What Is a CP2000 Notice? IRS Underreported Income Letter Explained (Ep. 5)
I received a CP2000 notice from the IRS: What Is a CP2000 Notice? IRS Underreported Income Letter Explained. What should I do and how do I respond properly?
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,...
What KYC documents do I need to open a U.S. bank account for my foreign-owned LLC?
I am a Brazilian citizen who just formed an LLC in Florida. I have my EIN from the IRS and my Articles of Organization from the state. I tried to open a business bank account at Chase but they asked m...
Do I need to file anything with the state too, or just the IRS?
Everyone talks about Form 5472 with the IRS. But does my LLC also need to file anything with the state it was formed in? My LLC is in Delaware.
Qualifying Surviving Spouse Filing Status: Complete IRS Guide (Ep. 71)
I need help with my filing status: Qualifying Surviving Spouse Filing Status: Complete IRS Guide. What are the rules and how do I determine what applies to my situation?
What tax planning strategies can I use before renouncing to minimize the exit tax?
I'm a U.S. citizen with a net worth of about $4 million, including my LLC worth roughly $1.5 million. I plan to renounce my citizenship in about 2 years. I know the exit tax is coming, but I want to m...
My foreign-owned LLC received crypto airdrops — are these taxable income?
My LLC's wallet received several airdrops this year: a governance token airdrop from a DeFi protocol I had used, a promotional airdrop from a new project, and some tokens I didn't even want from a ran...
QSS Eligibility: Cost of Home Calculation (Ep. 75)
I need help with my filing status: QSS Eligibility: Cost of Home Calculation. What are the rules and how do I determine what applies to my situation?
Form 1040 Basics and Tax Preparer Info (Ep. 54)
I need help with my filing status: Form 1040 Basics and Tax Preparer Info. What are the rules and how do I determine what applies to my situation?
What depreciation strategies are available for foreign-owned LLCs?
My US LLC purchases equipment and other assets for business use. I want to understand the depreciation options available to me as a foreign owner, including Section 179 expensing and bonus depreciatio...
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