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.
Spacing and Punctuation on IRS Forms: Do Periods Commas and Spaces Matter? (Form 1120 and 5472)
I'm preparing my pro forma Form 1120 and I need help understanding: Spacing and Punctuation on IRS Forms: Do Periods Commas and Spaces Matter?. What are the key rules I should follow to avoid processi...
Head of Household Qualifying Person: Special Cases for Kids and Parents
I need help with my filing status: Head of Household Qualifying Person: Special Cases for Kids and Parents. What are the rules and how do I determine what applies to my situation?
U.S. Bank Account Does Not Make a U.S. LLC: Foreign Company IRS Filing Rules
I'm a foreign owner of a U.S. LLC and I'm trying to understand: U.S. Bank Account Does Not Make a U.S. LLC: Foreign Company IRS Filing Rules. Can someone break this down in simple terms? I want to mak...
General Business Credit Calculation Example on Form 3800
I'm trying to maximize my tax credits: General Business Credit Calculation Example on Form 3800. How do I calculate and claim these credits correctly?
Why the Alternative Minimum Tax Exists: A Brief History
I'm worried about the Alternative Minimum Tax: Why the Alternative Minimum Tax Exists: A Brief History. How do I know if this affects me and what can I do about it?
Form 8832 Entity Classification Election Part 1: What It Is and Who Uses It
I'm choosing a business structure and want to understand: Form 8832 Entity Classification Election Part 1: What It Is and Who Uses It. What are the tax and liability implications I should consider?
Form SS-4 Line-by-Line: LLC Info Entity Type and Reason Lines 8-12
I need to apply for an EIN: Form SS-4 Line-by-Line: LLC Info Entity Type and Reason Lines 8-12. What's the process and what should I watch out for?
3 Common Misunderstandings: Filing Form 1120 Does Not Mean Corporate Taxation
I'm a foreign owner of a U.S. LLC and I'm trying to understand: 3 Common Misunderstandings: Filing Form 1120 Does Not Mean Corporate Taxation. Can someone break this down in simple terms? I want to ma...
Section 179 Carryover: Rules for Unused Deduction Amounts
I have questions about tax deductions: Section 179 Carryover: Rules for Unused Deduction Amounts. What are the limits and rules I need to follow?
Form 3800: Filing the General Business Credit
I'm trying to maximize my tax credits: Form 3800: Filing the General Business Credit. How do I calculate and claim these credits correctly?
Form 8865 Category 1: Control of Foreign Partnership
I have interests in a foreign partnership and need to understand: Form 8865 Category 1: Control of Foreign Partnership. What are the filing thresholds and requirements?
Qualifying Surviving Spouse: Paid More Than 50% Cost of Home (Part 3)
I need help with my filing status: Qualifying Surviving Spouse: Paid More Than 50% Cost of Home. What are the rules and how do I determine what applies to my situation?
FTC Allowed Formula: How to Calculate Your Foreign Tax Credit
I'm trying to maximize my tax credits: FTC Allowed Formula: How to Calculate Your Foreign Tax Credit. How do I calculate and claim these credits correctly?
Half-Width vs Full-Width Characters on IRS Forms: Use ASCII Only (Form 1120 and 5472)
I'm preparing my pro forma Form 1120 and I need help understanding: Half-Width vs Full-Width Characters on IRS Forms: Use ASCII Only. What are the key rules I should follow to avoid processing errors ...
Installment Sale Calculation: Step-by-Step Form 6252 Guide
I'm considering an installment sale: Installment Sale Calculation: Step-by-Step Form 6252 Guide. How does Form 6252 work and how do I calculate the taxable gain?
CP2000 Notice Explained: Why the IRS Sends It and What It Means
I received a CP2000 notice from the IRS: CP2000 Notice Explained: Why the IRS Sends It and What It Means. What should I do and how do I respond properly?
Foreign-Owned LLC with No U.S. Income? You Still Must File Form 5472
I'm a foreign owner of a U.S. LLC and I'm trying to understand: Foreign-Owned LLC with No U.S. Income? You Still Must File Form 5472. Can someone break this down in simple terms? I want to make sure I...
Why the IRS Requires Form 5472 for Foreign-Owned LLCs: Pro Forma 1120 Explained
I'm a foreign owner of a U.S. LLC and I'm trying to understand: Why the IRS Requires Form 5472 for Foreign-Owned LLCs: Pro Forma 1120 Explained. Can someone break this down in simple terms? I want to ...
Form 8865 Category 3: Contributions to Foreign Partnerships
I have interests in a foreign partnership and need to understand: Form 8865 Category 3: Contributions to Foreign Partnerships. What are the filing thresholds and requirements?
Can a Foreign-Owned LLC Be an S-Corp? Why the IRS Says No
I'm a foreign owner of a U.S. LLC and I'm trying to understand: Can a Foreign-Owned LLC Be an S-Corp? Why the IRS Says No. Can someone break this down in simple terms? I want to make sure I'm filing c...
Qualifying Surviving Spouse: Rent from Family Members Rules (Part 6)
I need help with my filing status: Qualifying Surviving Spouse: Rent from Family Members Rules. What are the rules and how do I determine what applies to my situation?
Form 8865 Category 2: Acquisitions and Dispositions
I have interests in a foreign partnership and need to understand: Form 8865 Category 2: Acquisitions and Dispositions. What are the filing thresholds and requirements?
Form 8379: Injured Spouse Allocation Introduction
I believe I qualify as an injured spouse. I need help understanding: Form 8379: Injured Spouse Allocation Introduction. How does the allocation process work?
Married Filing Jointly: Both Spouses Must Agree (Even with No Income)
I need help with my filing status: Married Filing Jointly: Both Spouses Must Agree. What are the rules and how do I determine what applies to my situation?
What Is Section 179? Business Equipment Deduction Explained
I have questions about tax deductions: What Is Section 179? Business Equipment Deduction Explained. What are the limits and rules I need to follow?
Qualifying Surviving Spouse: Child's Survivor Benefits Rules (Part 5)
I need help with my filing status: Qualifying Surviving Spouse: Child's Survivor Benefits Rules. What are the rules and how do I determine what applies to my situation?
Form SS-4 Troubleshooting: Common Errors Timeouts and Duplicate EINs
I need to apply for an EIN: Form SS-4 Troubleshooting: Common Errors Timeouts and Duplicate EINs. What's the process and what should I watch out for?
Introduction to U.S. Partnership Taxation: How Income Flows Through to Partners (Form 1065)
I'm choosing a business structure and want to understand: Introduction to U.S. Partnership Taxation: How Income Flows Through to Partners. What are the tax and liability implications I should consider...
What Is the EIN Field on Form 1120? Employer Identification Number Explained
I'm preparing my pro forma Form 1120 and I need help understanding: What Is the EIN Field on Form 1120? Employer Identification Number Explained. What are the key rules I should follow to avoid proces...
Qualifying Surviving Spouse: Entitled to File Requirement (Part 2)
I need help with my filing status: Qualifying Surviving Spouse: Entitled to File Requirement. What are the rules and how do I determine what applies to my situation?
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