Short answer: if you live outside the US and own a single-member US LLC, the IRS requires Form 5472 attached to a pro-forma Form 1120 every year — even if the LLC earned nothing. It is due by 15 April for calendar-year companies. Missing it can cost $25,000 per form per year.
Who must file
A US LLC with one owner is “disregarded” for income tax: the IRS treats its income as the owner’s. When that owner is a foreign person, the IRS still wants to see the money moving between the company and its owner. So every foreign-owned single-member LLC files:
- Form 5472 — information about the owner and the transactions between the LLC and the owner,
- attached to a pro-forma Form 1120 — a cover return that mainly identifies the LLC.
What counts as a reportable transaction
Payments between the LLC and you or other related parties: money you put into the LLC, money you take out, fees paid, loans, and sales or services between you and the company. In practice almost every active foreign-owned LLC has something to report — even the formation costs you paid for it.
Deadlines
| Situation | Due date |
|---|---|
| Calendar year (most LLCs) | 15 April |
| With a Form 7004 extension | 15 October |
| Fiscal year | 15th day of the 4th month after year-end |
Form 7004 gives a six-month extension to file. Request it before the original deadline.
How it is filed
Foreign-owned disregarded entities generally cannot e-file this package. It is sent to the IRS by fax or mail, following the current Form 5472 instructions. Keep proof of sending.
The penalty
- $25,000 for each year the form is not filed on time, filed incomplete, or when required records aren’t kept.
- Another $25,000 for each 30 days (or part) the failure continues more than 90 days after the IRS writes to you.
This is why we remind every client long before April.
Tip: a common problem is an LLC that never filed because “it had no income”. The form is about transactions, not profit. If you’ve missed past years, talk to a tax professional about catching up before the IRS contacts you.
Want us to set this up for you?
USA LLC from $140 or UK Ltd from £150, plus government fees. Pay 50% now, 50% when your documents arrive.
Records you should keep
- Bank and Payoneer statements for the LLC
- Invoices issued and received
- Money you transferred into or out of the LLC
- Your EIN letter, Articles of Organization and Operating Agreement
Does this mean I pay US tax?
Not necessarily. A foreign-owned single-member LLC with no US trade or business usually owes no US federal income tax. Form 5472 is an information return — it reports, it doesn’t charge tax. Whether you owe tax depends on your activities, so check with a tax professional if you have US staff, an office or US-based operations.
What about BOI reports?
Beneficial ownership (BOI) reports to FinCEN are a separate thing. Under FinCEN’s final rule of August 2026, companies formed in the US no longer have to file them. We keep checking in case the rules change again.
Frequently asked questions
My LLC had zero income. Do I still file?
Yes, if there were any reportable transactions — and most LLCs have at least the money used to set them up.
Can I file it myself?
You can, using the IRS forms and instructions. Many owners prefer a professional because of the penalty risk.
How much do you charge?
We prepare and file Form 5472 with the pro-forma 1120 for $149 a year. See Renewal & tax filing.
This article is general information, not tax advice.
