It forks: no bank account does not exempt you—if your foreign-owned single-member disregarded LLC had any reportable owner or related-party transaction, including amounts connected with formation or dissolution, you must file Form 5472 for that year; only a truly transaction-free year is exempt.

(c)(1)

A domestic business entity that is wholly owned by one foreign person and that is otherwise classified under § 301.7701-3(b)(1)(ii) of this chapter as disregarded as an entity separate from its owner is treated as an entity separate from its owner and classified as a domestic corporation for purposes of section 6038A. See § 301.7701-2(c)(2)(vi) of this chapter.

(a)(1)

Each reporting corporation as defined in § 1.6038A-1(c) (or members of an affiliated group filing together as described in § 1.6038A-1(k) ) shall make a separate annual information return on Form 5472 with respect to each related party as defined in § 1.6038A-1(d) with which the reporting corporation (or any group member joining in a consolidated Form 5472) has had any reportable transaction during the taxable year.

(b)(3)(xi)

( xi ) With respect to an entity that is a reporting corporation as a result of being treated as a corporation under § 301.7701-2(c)(2)(vi) of this chapter, any other transaction as defined by § 1.482-1(i)(7), such as amounts paid or received in connection with the formation, dissolution, acquisition and disposition of the entity, including contributions to and distributions from the entity.

(i)(7)

Transaction means any sale, assignment, lease, license, loan, advance, contribution, or any other transfer of any interest in or a right to use any property (whether tangible or intangible, real or personal) or money, however such transaction is effected, and whether or not the terms of such transaction are formally documented. A transaction also includes the performance of any services for the benefit of, or on behalf of, another taxpayer.

Exceptions from filing, item 1

It had no reportable transactions of the types listed in Parts IV and VI of the form and, in the case of a reporting corporation that is a foreign-owned U.S. DE, also had no reportable transactions of the type listed in Part V of the form.

When and Where To File—Foreign-owned U.S. DEs

While a foreign-owned U.S. DE has no income tax return filing requirement, as a result of final regulations under section 6038A, it will now be required to file a pro forma Form 1120, U.S. Corporation Income Tax Return, with Form 5472 attached by the due date (including extensions) of that Form 1120. The only information required to be completed on Form 1120 is the name and address of the foreign-owned U.S. DE and items B and E on the first page. The foreign-owned U.S. DE has the same tax year used by its owner for U.S. tax filing requirements or, if none, the calendar year.

When and Where To File—Dedicated mailing address

File these forms by: • Fax (300 DPI or higher) to 855-887-7737, or • Mail to: Internal Revenue Service 1973 Rulon White Blvd M/S 6112 Attn: PIN Unit Ogden, UT 84201. If you are a foreign-owned U.S. DE, you cannot file Form 5472 electronically.

When To File, page 4

A corporation that has dissolved must generally file by the 15th day of the 4th month after the date it dissolved.

When To File; Extension Period, page 1

Generally, Form 7004 must be filed on or before the due date of the applicable tax return. Properly filing Form 7004 will automatically give you the maximum extension allowed from the due date of your return to file the return. The automatic extension period for time to file is generally 6 months.

(a)(1)

If a reporting corporation fails to furnish the information described in § 1.6038A-2 within the time and manner prescribed in § 1.6038A-2(d), fails to maintain or cause another to maintain records as required by § 1.6038A-3, or (in the case of records maintained outside the United States) fails to meet the non-U.S. record maintenance requirements within the applicable time prescribed in § 1.6038A-3(f), a penalty of $25,000 shall be assessed for each taxable year with respect to which such failure occurs.

Only one owner, the IRS will by default treat it as a sole proprietorship (disregarded entity) unless the entity elects to be treated as a corporation. Two or more owners, the IRS will by default treat it as a partnership unless the entity elects to be treated as a corporation. An LLC may elect to be classified as a corporation (also called an “association taxable as a corporation”) or an S corporation (assuming the LLC satisfies the S corporation requirements).