Legal, Tax, and Accounting March 18, 2020

Tax filing services for non-US residents?

FloralTree

Hello, for those of you non-US residents who have a single-member US LLC, how do you file IRS form 1040-NR every year? Any recommended tax preparation services?

I know that Stripe Atlas itself suggests "GBS Tax & Bookkeeping" for smaller businesses, and "Early Growth" for larger ones. (Source: https://stripe.com/docs/atlas/next#accounting-llc)

I'm just wondering if any of you know of any other services I can look into.

  1. 1

    Hi @FloralTree,

    I'm a CPA, and wanted to throw in my 2 cents. Our firm has helped many non-US residents doing their US tax filing.

    One thing I noticed is that a lot of foreign owners do not know that in addition to the Form 1040NR filing that you just mentioned, there is also a mandatory informational filing for foreign owned US single member LLC. This filing requirement starts in year 2017 and it requires any foreign (non-US residents) owners of a US single member LLC to prepare and file Form 5472 with the IRS. Failure to file, late filing, substantially incomplete return will result in $10,000 USD penalty per related party per year.

    Feel free to DM me if you have any other questions!

    1. 1

      Thank you for the response.

      I'm actually aware that Form 5472 is mandatory. Form 1040-NR is substantially more complicated, and that's why I'm looking for tax preparation services to help me file it.

      It's not for this year. I'm just exploring my options to make next year easier.

      1. 1

        @FloralTree glad that you are well informed! Let us know if there's anything we can help you with.

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