The yearly tax checklist for non-US owners of a US LLC

Last checked: October 2026 · 8 min read

If you live outside the US and own a single-member US LLC, one information return matters more than everything else: Form 5472, attached to a pro forma Form 1120. Missing it costs $25,000 — per form, per year.

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Who must file

A US single-member LLC owned by a non-US person (individual or company) is treated as a reporting corporation for Form 5472. This has applied to tax years starting on or after January 1, 2017. It applies even if the LLC had no income and no activity.

The checklist

  1. Keep records all year. Every transfer between you and the LLC: money you put in, money you take out, expenses you paid personally for the LLC, loans. These are "reportable transactions".
  2. Prepare Form 5472. Report the LLC, you as the foreign owner, and the year's reportable transactions.
  3. Attach it to a pro forma Form 1120. You fill in only the identifying information and write "Foreign-owned U.S. DE" across the top, per IRS instructions. It is not a normal corporate tax return.
  4. File by April 15 (calendar-year LLC). Need more time? File Form 7004 by April 15 for an automatic six-month extension to October 15.
  5. Send it the way the IRS instructions say. Foreign-owned disregarded entities generally cannot use normal e-file for this package; it is filed by fax or mail to the address in the current instructions.
  6. Pay your state's yearly fee. Wyoming annual report in your anniversary month; Delaware annual LLC tax by June 1.
  7. Renew your registered agent. A lapsed agent can lead to the state dissolving your LLC.
  8. Handle your home-country taxes. In Pakistan and most countries, residents report worldwide income. Your LLC's profit is usually part of yours.
Penalty$25,000 for each Form 5472 not filed, filed late or substantially incomplete — plus another $25,000 for every 30 days the failure continues after an IRS notice. There is no cap.

What you do NOT need to file anymore: BOI

Under FinCEN's March 2025 rule, companies formed in a US state — including LLCs owned by foreigners — are exempt from Beneficial Ownership Information reporting. Only foreign companies registered to do business in the US still report.

Missed a year?

Don't ignore it. Talk to a US tax professional about late filing with a reasonable-cause statement before the IRS contacts you.

Not legal or tax adviceGeneral information only, checked against official sources in October 2026. Rules and fees change. For your own situation, talk to a qualified US tax professional and a tax adviser in your home country.

Prefer to hand this off?

Some formation services include Form 5472 preparation for foreign owners.

See which ones

Sources

  • IRS — Instructions for Form 5472 (irs.gov/forms-pubs/about-form-5472)
  • IRS — Form 7004 (irs.gov/forms-pubs/about-form-7004)
  • Treasury Regulation §1.6038A-1; TD 9796
  • FinCEN — BOI (fincen.gov/boi)