Form 1120+5472 – SMLLC

What you Should Know About Form 1120 + 5472 – SMLLC

  • SMLLC (Single Member LLC) is a transparent U.S corporation fully owned (100%) by an individual or corporation.
  • Since the corporation is fully owned by an individual or corporation, the LLC becomes a disregarded entity, tax-wise, and all income must be reported directly by the holding individual or corporation.
    Nonresident Alien Individual (1040NR), U.S. Individual (1040), Foreign Corporation (1120F) or U.S Corporation (1120, 1065 or 1120S).
  • If the owner of the corporation is a Nonresident Alien Individual or Foreign Corporation, a Form 1120+5472 must be filed by April 15th.
  • One can file for an extension by the above date, and extend the due date to October 15th.
  • If this date falls on a Federal U.S holiday or the weekend, this date is postponed to the following day.
  • An LLC with foreign partners (non U.S citizens or residents) must withhold tax at a federal and often at the relevant State level.
    The withholding tax payments are made on a quarterly basis, but it is important to make such payments before December 15th of that tax year, if no tax was withheld throughout that tax year.

What’s the next step?

  • We recommend that you contact our firm towards December 15th, before the tax year ends, to enable us to prepare ourselves well for the current tax year.
  • Our firm works according to the order it receives materials, and so we recommend contacting us earlier rather than later.
  • Contact us today to receive a letter of engagement and a list of the materials we require to file your taxes.

An example of Form 1120+5472

If you have any further questions, please feel free to contact us

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