Hello Folks,
do you usually file the 5472 and 1120 yourself self or do you engage someone expert to do it?
I want to engage someone to help me do it correctly, but the fees are super hight.
I found some folks in Upwork doing it with a reasonable price, what do you think folks? any guiance on that?
Depends what stuff do you do with your llc. If it’s for freelancing, consulting, saas, etc with no actual us activity (etbus) and single ownership ( foreign owned de llc ) the filing should be very simple, just check youtube videos and can do by yourself. In fact many providers charging high $ exactly for this reason when you see how simple it’s to file next year you can do it by yourself. Since you registered in Delaware either you have complicated requirements or you didn’t research enough as Delaware is overkill for simple things. If you have real estate, physical presence, fbar income, ecom, etc - definitely get an accountant, but if you did, you’d already had one. These forms are mostly for transparency because many us citizens were messing with ownership structures to hide large volumes. It even says for income less then $50k just write “<$50k” so if your income is low it’s highly unlikely anybody will care even if you have some mistakes and even then there’s “abatement” for reasonable mistakes although still expensive. Since you ask about it and ask far ahead of the filing deadline its your first year and you worry. It’s a risk, assess it. Maybe worth paying once and file next years after you learn what to check and do. * not a legal advice *
u/selindr0m - to be honest that’s the most complete answer I saw so far. you really zoomed in and highlighted the necessary things that anyone like me needs to know,
You’re right, I did some research, and I found that Delaware is expensive, and I don’t think it will add value to what I m doing.
and yes, my plan is to engage an accountant to help me do the forms this year, and I’ll do it myself the next one :).
I’ve also heard that an FBAR form is needed just in case LLC income exceeds 10K USD at any given time during the year, is that right?
Fbar is for foreign owned assets. Does you llc own foreign bank accounts? Delaware can be redomesticated into Wyoming, New Mexico etc but it may be worth just opening a new llc can be cheaper. Search llc university
Hello u/selindr0m who’s handling the redomestication, registered agent?
It’s a multi step process, but you can do it by yourself. If your current argent doesn’t support the destination state you’ll need to change it also.
Wonderful,
do you recommend any registered agent in an optimized Tax franchise state?
I’m thinking of contacting a new registred agent and see if he can handle the process.