Part I: Reporting corporation (your LLC)
The first section identifies the LLC. Key fields:
- Box 1a: Name of LLC (exactly as on Articles of Organization)
- Box 1b: Employer ID (your EIN from CP575)
- Box 1d: Total assets at end of tax year (typically $0-$100K for new operating LLCs)
- Box 1e: Principal business activity code (consult IRS NAICS table)
- Box 1f: Total liabilities at end of tax year
- Box 1g: Country of incorporation (United States, Wyoming)
- Box 1h: Principal country of operation
Part II: 25%+ foreign owner (you)
- Box 2a: Your name (legal name on passport)
- Box 2b: Foreign country (where you are tax resident)
- Box 2c: Country code (IRS country code table)
- Box 2d: Address in foreign country
- Box 2e: US TIN (typically blank for non-resident owners without ITIN)
- Box 2f: Foreign TIN (your home country tax ID if you have one)
- Box 2g: Reference ID (typically blank)
- Box 2h: Percentage of voting interest (usually 100% for single-member LLC)
Part III: Related parties (other entities you control)
If you have other businesses that the LLC transacted with (your home country company, another LLC, etc.), list them here. Most first-time filers have no Part III entries since their LLC only transacts with unrelated customers.
Common Part III entries:
- Your home-country sole proprietorship (if you paid yourself for services rendered to your LLC)
- Family members who provided loans or capital to the LLC
- Other LLCs you own that paid or received money from this LLC
Parts IV-V: Reportable transactions
The core data: money flows between you (as foreign owner) and the LLC. Common reportable transactions:
- Capital contributions: Money you deposited into the LLC to start it ($100, $500, $5,000 depending on initial funding)
- Owner draws: Money you withdrew from the LLC bank account to your personal account during the year
- Loans from owner to LLC: Any money you "lent" to the LLC vs contributed
- Loans from LLC to owner: Money the LLC paid to you that was structured as a loan
Not reportable on Parts IV-V: Operating revenue from unrelated customers (Stripe payments, client invoices, Shopify sales). This is reported on the pro forma 1120 cover, not on Form 5472 directly.
The pro forma 1120 cover
Form 5472 must be attached to a Form 1120 (US corporation income tax return). For foreign-owned single-member LLCs, you file a "pro forma" 1120 with just the cover sheet completed:
- LLC name and EIN
- Tax year
- Total gross revenue (sum of all customer payments to LLC)
- Total operating expenses
- Net income (revenue - expenses)
- Total tax: $0 (for non-resident pass-through LLCs without ECI)
The pro forma 1120 is a cover sheet, not a full corporation tax return. You do not pay US corporate income tax. The "pro forma" status indicates the LLC is pass-through.
The $25,000 penalty (and how to avoid it)
IRC Section 6038A imposes a $25,000 penalty per Form 5472 not filed when required. Failure to file by April 15 (or October 15 with extension via Form 7004) triggers the penalty.
The IRS enforces this. We have seen customers receive penalty notices in years 2-3 of their LLC because they missed the filing. Penalty is per year missed, so multiple missed years can compound to $50K-$100K+.
To avoid: file every year, even if you owe $0 tax. WyomingLLCoffers Form 5472 + pro forma 1120 filing as a $99/year add-on. Or you can file yourself (the IRS instructions are clear; just follow them carefully).