Questions about LLC taxes

kurosaki4d

kurosaki4d

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Hello Everyone,

I just created an LLC in Wyoming as a "non-us resident".

I don't sell any physical products, i don't have any clients or employees in the USA.

It's just me with digital products in other countries.

Knowing that, I would like to know what are the all filings/reporting/taxes I'd have to pay every year/semester for this LLC.

I know most of the readers are tax experts, but based on your experiences, perhaps you can tailor a big picture for me of what i can expect.

Thank you
 
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You will have to file 5472 form to the IRS to report transactions every year or risk a $25,000USD fine and a BOI report to FINCEN because Corporate Transparency Act .Get a CPA to help you with this.


Sources:


Disclaimer:

Note to Mods :Not affiliated with any sources mentioned informational purposes only
 
moonshine7000 said:
You will have to file 5472 form to the IRS to report transactions every year or risk a $25,000USD fine and a BOI report to FINCEN because Corporate Transparency Act .Get a CPA to help you with this.


Sources:


Disclaimer:

Note to Mods :Not affiliated with any sources mentioned informational purposes only
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So, those are the only fillings I'll have to do, boi report and 5472, that's it?

Regarding the boi report, it's a one time thing only, right?

When is the due date for 5472 form?
 
May I ask which digital bank you are using for your LLC?
 
kurosaki4d said:
So, those are the only fillings I'll have to do, boi report and 5472, that's it?

Regarding the boi report, it's a one time thing only, right?

When is the due date for 5472 form?
Click to expand...
The BOI is only once,The US government wants to know who is beneficial owner of the company is.
 
kurosaki4d said:
I haven't created a digital bank yet, I'm still waiting for EIN to do so.

I'm guessing i can apply the tax returns and forms without needing any banks active currently?
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Yeah I think, please look into it though.
 
Look in to actually wanting to pay the social security self employment tax

Do it for 10 years (40 quarters) and you get a social security pension even from overseas

I kid you not

Sincerely,

The Eye
 
theeyeinside said:
Look in to actually wanting to pay the social security self employment tax

Do it for 10 years (40 quarters) and you get a social security pension even from overseas

I kid you not

Sincerely,

The Eye
Click to expand...
Self employment tax doesn't apply non resident aliens.Non residents only pay taxes on US sourced income.
 
kurosaki4d said:
I have Payoneer and Wise, but more like personal accounts.

But I'm looking to use Mercury with the LLC
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Give it a shot I think Mercury is a FDIC insured digital bank but you will have to travel to the United States to get full bank accounts.I want travel to the United States to open bank accounts when I get the capital to do so.I have a payoneer account but it has me restricted in a way and you got to be careful not to have too much money in the account.Their are horror stories about Payoneer online.
 
moonshine7000 said:
Give it a shot I think Mercury is a FDIC insured digital bank but you will have to travel to the United States to get full bank accounts.I want travel to the United States to open bank accounts when I get the capital to do so.I have a payoneer account but it has me restricted in a way and you got to be careful not to have too much money in the account.Their are horror stories about Payoneer online.
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Why you got restricted?
 
moonshine7000 said:
Give it a shot I think Mercury is a FDIC insured digital bank but you will have to travel to the United States to get full bank accounts.I want travel to the United States to open bank accounts when I get the capital to do so.I have a payoneer account but it has me restricted in a way and you got to be careful not to have too much money in the account.Their are horror stories about Payoneer online.
Click to expand...
In what circumstance do people lose their money with them? Because i do have some money with them for lack of better choices out there.

I was under the impression that mercury bank can be opened remotely with an LLC, no?
 
kurosaki4d said:
In what circumstance do people lose their money with them? Because i do have some money with them for lack of better choices out there.

I was under the impression that mercury bank can be opened remotely with an LLC, no?
Click to expand...
You can open a Mercury Bank account with an LLC and as a non-us resident.
 
kurosaki4d said:
In what circumstance do people lose their money with them? Because i do have some money with them for lack of better choices out there.

I was under the impression that mercury bank can be opened remotely with an LLC, no?
Click to expand...
Becareful when you put thousands of dollars in Payoneer to store funds .Payoneer is not a bank.
You can hear horror stories from here https://www.reddit.com/r/payoneer/
I use to like Payoneer in the past but they have become like PayPal locking people's funds at random.

You can open an account with Mercury if live in a country that is not under US sanctions.
 
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