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Do you have any recent case records or any information that confirm the standpoint of IRS on how they define US-sourced income and effectively connected US trade or business, and how they treat Foreign-owned SMLLC federal income tax status? Or did your clients get any notice from IRS when they made a protective 1040NR filing or make no filing (except 1120+5472) although they receive 1099Ks from PayPal and Stripe?

As the sole owner of a foreign-owned SMLLC, I had no idea about my tax obligations. So I got an extension on April 2024 for federal income tax return procedures. I learned many valuable information from your videos, from a few other CPAs' videos and from ChatGPT. It is great to see that you made a video for getting guidance from ChatGPT regarding tax return more than 1.5 years ago. It is great to see another mind that works the same way with mine :) I think ChatGPT is more developed now compared to how it was in January 2023. It helped me a lot to fill out the necessary tax documents (1120, 5472 and 1040NR (protective filing)) but it definitely wouldn't be complete without listening your points in your videos. I really think that your videos are getting less interaction compared to the value they provide. I would recommend you make edits on videos to catch attention of other people. Also I would recommend you make some videos that shows filling out some basic documents step-by-step with a few different case scenarios for foreign-owned SMLLC. Thank you again for providing such a great content!

So, How to file a protective 1040NR? is there a seperate form for it? if so then can you please make a video on how to file it? Thank you!

Great video! What if you are non resident , and trade stocks , but you do it everyday, with 20-30 transacctions per day ? Would it be trade or business wb eci 10-37% tax ? Or also 0% ? Thank you

Thank you Alex. Do we need to file it once or every year?

how to apply if the business is s corporation?

Have you seen any penltys by now?

God bless you!

Hi, Great video you really doing a change. One question, My SMLLC DE foreign-owned company was formed sep 2023 but i did know to report 2024 due date 15 april. Do I report now because im closing the business or wait to 2025 to report and only report for year 2024? Thank you!

great video, they request the certificate of incorporation and passport or only passport?

Hello brother I need help with my tax filing for my single-member non resident LLC, registered in Wyoming on November 11th, 2023. I have filed quarterly taxes with the Wyoming Revenue Department, but I haven't filed anything with the IRS yet. Since I haven't started business operations, my sales are zero. Could you please advise on the necessary forms I need to file with the IRS? I have heard about form 5472,1120,1140 etc etc .. Please tell me which form i have to file

Nope a multi member llc uses w9

If I hire a foreigner to remotely work for me, should the income code 17 is used?

Grateful! Your firm really indeed suits my situations of which I'm using form 1040NR. Thank you.

Can i dm you privately ? Personally please

@OGTAX Amazon says for single member llc the legal entity will be llc owner name instead of us llc But if we use llc owner name then bank account will be under usa llc name so there is be discrepency in deposit method And actual form w8ben has option to fill out ein but why amazon is not asking for it in tax interview? I have subscribed and waiting for your response😅

Great video. As an Amazon Agency Partner dealing with account verifications, this is right on.

Very helpful. Thank you!

Very insightful. Thank you.

Thanks so much. This was quite a useful video. If i open a single member LLC for doing amazon FBA in US as a non-resident alien (my domicile is in India) , what kind of taxes i have to report and pay in US ? I've been trying to glean information on this topic. Sales Tax : Report NIL sales Tax each quarter since amazon is collecting it on seller's behalf but who do i report it to and how ? State Tax: To be paid annually to state in which single member LLC in incorporated. how do i report and pay it ? Federal Tax : To be paid annually to IRS each year before 15th of April. which form numbers i must use for this purpose ? Finally since US and India have DTAA ( dual tax avoidance agreement ), Should i pay taxes in US or India ? Please help me understand this as this is quite confusing. Thanks in advance and keep up the great work !

Good evening, how are you? Could you tell me if a foreigner who has an eccommerce LLC in Wyoming that does not sell or provide services within the United States, if he decided to study during the next 2 years, would the LLC be considered ETBUS? Would a foreigner with an F1 visa be exempt?

Hello, I am filling out a CSU application for college and it is asking me to input my Parents' adjusted gross income (AGI) for 2022 and my Parents' untaxed income and benefits for 2022. I know the AGI can be found on line 11 of the 1040 form on the 2022 Individual Tax Return, but I want to confirm where I can find the amount for the untaxed income and benefits? Is it line 2a where it says “Tax-exempt interest” or is it line 2b where it says “Taxable interest”? Line 2a is blank, but line 2b has an amount. Which one would I put? Thank you!

I formed my LLC in december 2023, was not aware of 5472, should i file it now or file it in 2025

Your videos are very informative and detailed. Thank you! However, there's a common confusion that needs clarification. If we're based outside the USA but do business on Amazon, is this considered US source income? Do we need to file Form 1040-NR? Or would Forms 1120 and 5472 be sufficient, considering we have both income and expenses? Many thanks in advance for your guidance!

I'm a US citizen who is married to a non resident alien and we have chosen to file maried joint tax returns for a number of years (pub 519). Question: If a non resident alien started investing in USA companies and received dividends from these investments how would FDAP dividends of 10% via 1042-S Japanese foriegn investor be reduced to reflect the joint return status? Is there any tax rule that resolves the conflict between pub 519 and the 1042 taxes?

I was told I need to also send the IRS a W-7 form to deactivate ITIN. How do I get a W-7?

Hi still a little confused. If for example all my employees are in another country. And i sell services to u.s residents. However all calls, all work is done abroad. Will i have to pay taxes in the u.s? Especially if money is sent to the company abroad in terms of oursourcing costs or such?

P r o m o s m

Thanks you so much sir, I just registered my LLC and my EIN has been given to me but I have started activities yet because of some issues I am still struggling to put in place, Thanks again

Thanks Brother 👍

Most underrated video! I hope everyone owning Foreign based DRE watches this video. So many useless videos on how to fill 1120 and 5472 out there!

Is the address just that? Like no street name or door number?

Thank you for the video. You mentioned that we had to check "Part V" because if we let it blank we'd have do re-do the form. But what if I had NO reportable transactions on the LLC? Should I leave it blank or check the box regardless?

Thank you for the Video. So lets say LLC did not do any business, and there is a $1500 investment that was transferred in US bank account and used that money as expenses, which section that will be reported.

As another tax professional. Thanks for speaking facts and not selling smoke to people to get consultation money. Respect brother.

Hello, I learned a lot from your videos. I have a question, maybe you will be able to answer... After sending forms 5472+1120 today, I saw in confirmation that in 5472 form all fields that should be filed are empty. 2 hours later I sent another version, where 5472 was OK, so in general, the IRS should have everything that they need when it comes to 5472. I explained an error in a cover letter. Because penalties for 5472 are so huge, do you think that this situation might cause some problems with the IRS? Or maybe I should do something more to avoid any kind of problems? Just as I wrote, the second version should be full and OK, I have a confirmation that the fax was successfully sent. But these penalties are so serious. It would be good to have a phone contact with the IRS but I am not sure if it is possible for this form.

OMG!! Thank you! You saved my ass lol very good with the instructions. I was going crazy looking for my AGI. I appreciate your help!!! 🥰 #subbed

I need line 11 for tax verification but it downloaded a blank 1040 ??? What am I supposed to do with that

What should be done if the DE LLC started making Effectively connected Income?

Hello Alex, it was really informative video, Thanks for sharing. Please do let me know, whether we should enter the 1- sales, inventory cost, shipping charges, FBA charges and amount received in Virtual Bank from E commerce platform 2- and besides the LLC cost should we enter USA virtual address cost, USA phone number cost and virtual bank card fees and 3- should we declare the amount in virtual Banks I hope you will reply soon. Thanks

Hi, I registered my foreign owned SMLLC in January this year, do I still need to file pro forma 1120 and F5472 on the 15th of April? If I do, what do I put at the top of the forms at the calendar/tax year?

I was looking for my letter, but since I requested benefits it states my letter is not available, I started the process in January 24', but want benefits to commence in July 24', how can I get a letter for proof of income for a mortgage. I'm thinking I probably need to make a call to them.

When closing a LLC, the last date on the first page should be the date of closing it? And what is first the final return or closing it at the state?

This didnt help. It showed how to login to your IRS account thats it

My itin number had been revoked by irs years ago but I still use it for tax purposes because I still in the process of getting my green card. Now that my case has been approved and they already sent me working permits and SS, my question is should I presented the my new ss to the tax officer when I file my tax return? In years past I’d never got money returned even though I paid both federal and state taxes. The irs said I can’t receive any money because I used ITIN to pay my taxes.😢

Thanks for your detailed explanation

Mr tax Man. You are the man and you are very knowledgeable in your field. Thank you😊😊😊

On form 1120 one needs to put "foreigned..." in all pages or only the first? and what about EIN or name of the company that should be written on the TOP also?

Thank you 🙏

Your video that you refer to is not available anymore according to RUclips.