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Filling form 5472 and 1120 (alien.top)

submitted 10 months ago by ayoubmp@alien.top to c/digitalnomad@expats.zone

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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?

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[–] ayoubmp@alien.top 1 points 10 months ago (4 children)

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?

[–] selindr0m@alien.top 1 points 10 months ago (3 children)

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

[–] ayoubmp@alien.top 1 points 10 months ago (2 children)

Hello u/selindr0m who's handling the redomestication, registered agent?

[–] selindr0m@alien.top 1 points 10 months ago (1 children)

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.

[–] ayoubmp@alien.top 1 points 10 months ago

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.