I'm single owner of DE LLC, non-resident and I need help with the first time tax preparation.

I'm single owner of Delaware LLC, non-resident. Need help with the first time tax preparation. Specifically - income tax. What do I need? What forms? How to calculate? How to fill? How to avoid double taxation? I paid Delaware franchise tax. Thank you.


There are so many different moving pieces in this type of situation, you're best bet is to reach out to an expert accountant.

Personally, I use and recommend Eric from Charitax (

Answered 8 years ago

A single owner of a U.S. LLC is by default a disregarded entity for U.S. federal income tax purposes. Essentially, this means the entity is transparent for U.S. tax purposes. A single owner may file an election, under certain circumstances, to be treated as an S corporation or a C corporation. A foreign owned U.S. disregarded entity must file Form 5472 each year to report the business activity of the LLC, as well as information about the non-resident owner. The owner completes this task by filing a proforma Form 1120 with the Form 5472 attached. It's very important that these returns are filed timely and accurately. The IRS has recently increased the penalty for noncompliance from $10,000 to $25,000.

Answered 5 years ago

Unlock Startups Unlimited

Access 20,000+ Startup Experts, 650+ masterclass videos, 1,000+ in-depth guides, and all the software tools you need to launch and grow quickly.

Already a member? Sign in

Copyright © 2024 LLC. All rights reserved.