Questions regarding filing Form 5472, 1120, foreigner (non U.S resident)

Form 5472 (Rev. December 2023)
Hello guys!

Just filing out the Pro-Forma 1120 and Form 5472 as a foreigner (us non-resident). I have some questions. This is my first time and my last time doing this. Recently, I have decided to have LLC company dissolution. I could not not afford anymore!

Due to a lack of experience and knowledge of legal matters in the United States, I did not file Forms 2210 and 5472 in 2024 (the first year) and 2025. This year, 2026, I filed them (late) and for the year 2026 (the final year, the company's dissolution). LLC did dropshipping (without any inventory).

In 2024:
Gross Revenue (2024): $90 (from 5 orders, (dropshipping (no inventory)/cat’s toy)).
Total Operating Expenses (2024): $1000
Net Loss (2024): $(910)

Question 1: in 5472 form/part 1/1f: “Total value of gross payments made or received reported on this Form 5472”. Does this mean 1000+90=$1090 or only $1000? I was confused about this. Do I have to input 1f?

Question 2: (form 5472)
I input the amount of $90 in Part IV/line 10: “Sales of tangible property other than stock in trade”. Is that correct? If not, which line?
I input the amount of $1000 in Part IV/line 28: “Purchases, leases, licenses, etc., of intangible property rights (for example, patents, trademarks, secret formulas)”. Is that correct?
Further information: this $1,000 USD is used for: paying the registration agent when opening the company, purchasing a domain name, paying for Shopify services, paying for web hosting services, paying for consulting services, etc.

Question 3: (form 5472). In 2025, I have paid $62 for Annual Report License Tax, and $200 for monthly for Shopify services. This year, no revenue/no sale. Net loss: $262. So I input the amount of $262 in Part IV/line 28: “Purchases, leases, licenses, etc., of intangible property rights (for example, patents, trademarks, secret formulas)”. Is that correct?

Question 4: I attach the form 1120, 5472 with the appendix with full description of the operating expenses with very detail list. Do I also need to attach every printed single invoice and receipt, payment transaction (paypal, card) to prove what I spent for the LLC operation? To send to IRS by mail?

Question 5: I cancelled registered agent early 2026, now, in the 5472 and 1120 form. Can I use my home address for all (foreign address)?

I am almost bankrupt, I can not afford accountant agent, so I asked here!
Sorry if my English is bad. Any help would be much appreciated. Thanks very much!

Late filing of Form 5472 carries a $25,000 penalty per year

everrich said:

I am almost bankrupt, I can not afford accountant agent, so I asked here!

Click to expand...

you are not in usa so leave that LLC

Unlike 1120, 5472 is not about your Profit & Loss. It's specifically transactions between YOU and the company. So purchase and sale of stock would be if the company had a transaction with YOU. The actual sales revenue appears on your 1120.

So:
Q1 - this is the sum of the 2 way payments between you and the company so all the money you put in plus all the money you took out. If that revenue was never sent to you, it doesn't count. If it was, it does.
Q2 - This isn't intangible property. Again 5472, doesn't care what you spend the money on or even if it was spent, just that YOU gave it to the company. It would be categorized as a owner contribution which is line 19.
Q3 - See above. No. If you put MORE money into the company from your own pocket, its line 19, if you spent this money from the company's existing funds, it doesn't count
Q4- Do not send any additional information, receipts, nothing. It should just be 1120 and 5472
Q5- yes use whatever address you want

If you're going to file, add a "Reasonable cause" letter saying something like:

• first-time foreign owner
• no US tax knowledge
• very small activity ($90 revenue)
• no intent to avoid tax
• now compliant

Obviously you can just abandon the entity and the IRS won't do anything but if you want to file this is the way to do it.
And for obvious reasons, I'm an a lawyer or accountant, definitely not your lawyer or accountant, just trying to help.

Hi, can you PM me? It's regarding Linkedin.