US IRS rules, regulations and laws, for US Citizens, Americans, green card holders, and nonresidents living abroad or moving to the US or out of the US.... valuable information on IRS rules concerning U.S. expatriates and their tax returns, and tax planning.... by an experienced International Tax Attorney
Foreign owned US disregarded entities (LLCs) must now file form 5472 and report on their assets and activities. Previously this was not a requirement and a a nonresident individually owned US LLC with only income from outside the US did not in many situations have to filed anything with the IRS. The penaltty for not filing this form is $10,000. Read more below.