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Plain answers on your US LLC and your books.
Short reads for owners who just found out about Form 5472, and for businesses with books to catch up. Every fact is checked against IRS guidance.
Form 5472 due date, and what an extension changes
April 15 for a calendar-year LLC, or October 15 with Form 7004. The extension only moves the filing date, and it has to be sent by April 15.
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Does the $25,000 penalty fall on the owner or the LLC?
The IRS assesses it against the LLC, which is treated as a corporation for this one form. How the number grows, and why the personal liability question goes to a tax attorney.
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Form 5472 when the LLC has no bank account
Money moving between you and the LLC triggers the form, with or without a bank account. Paying its formation fees can be enough.
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Wyoming vs Delaware LLC: the filing is the same
For federal tax, the state an LLC was formed in changes nothing. The same pro forma 1120 and Form 5472 are due either way. What differs is the state’s own paperwork.
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How to find out what the IRS has sent your LLC
If your registered agent or formation service stopped forwarding mail, IRS letters may be sitting at an old address. How to see what was sent, and how to point the IRS at an address you really read.
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Closing a foreign-owned LLC: the final Form 5472
Dissolving the LLC with the state doesn’t end the federal filing. The last year still needs a pro forma 1120 and Form 5472, marked final, and the money you take out on the way is part of it.
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What catch-up bookkeeping costs, and what drives the price
Our catch-up work starts at $300 for each month of books brought up to date. Here’s why it’s priced by the month, what pushes a quote up or down, and how to keep yours near the starting price.
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QuickBooks to Xero: what moves over and what doesn’t
Your chart of accounts and contacts move. How much transaction history moves depends on the method. Payroll doesn’t move, and your old QuickBooks data needs keeping after you switch.
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