1What the page collects
A foreign-owned single-member LLC files Form 5472 with a pro forma Form 1120 every year, and has to report money moving between the LLC and its owner. The Form 5472 page puts together, for the year you pick and in USD:
- the LLC's details (legal name, EIN, address, state and date of formation, business activity) and the owner's (name, address, citizenship, tax country, foreign tax id), with anything missing highlighted;
- income from your LLC invoices and expenses for the year;
- owner transactions: contributions, distributions, loans from the owner and loan repayments.
2Owner transactions
Add each one with date, type, amount, currency and a note. Amounts in other currencies are converted to USD at the ECB rate of that date. An LLC expense you paid from your personal card (payment method "paid by owner") is counted as a contribution automatically.
3The yearly PDF
Download a summary PDF to send to your accountant. It has the company and owner details, totals and every owner transaction listed with its USD value.
4Deadline reminders
The Deadlines page starts with the federal deadline for Form 5472 and Form 1120 (April 15) and, if your LLC is in Wyoming, Delaware, Florida or Texas, the state's annual report or tax. Add your own deadlines too. Invollc emails you 30 and 7 days before each one, and also 60 days before Form 5472.
5What it does not do
Invollc does not fill in the IRS form, does not file it and does not give tax advice. It gives you and your accountant the numbers. Check deadlines and extensions with your accountant.