Delaware LLC and Accountant

[Balto]

Hello everyone
I am an Italian citizen residing in Malta.

I formed a company in delaware around August 2018.

From what I understand, working with non-American customers, and having no current account in america, the company is completely TAX FREE, is that right?

I felt that the same must be made of statements on how much turnover, but I did not understand when it should be done.
When will I need an accountant?
Someone here can recommend a good one? (and cheap)
Is it a problem if some bills are paid to me in cash?
Thank you!

 

[UScorp]

Hi, no you are not tax free. If you have no physical presence in Delaware there are no corporate taxes but you are liable for federal taxes. A DE LLC is not the ideal solution for a EU citizen because of the changes in the law and the way LLC's are treated taxwise.( Single Natural Owner Disregarded Entities ) You need to file several forms with the IRS for your Corporation, apply for a EIN etc etc. And consider the taxes you might be liable for in the EU deriving from your DE LLC.
Accountants in the EU with knowledge in both worlds are hard to find. Try https://www.expatax.nl/

 

[Balto]

Ciao,

Cosa intendi con le tasse federali?

Puoi dirmi un buon CPA?

 

[UScorp]

sorry only english allowed in this forum

 

[Balto]

Sorry, I was wrong to write

What do you mean by federal taxes?

Do you know anyone who can help me with management?

 

[UScorp]

There are State Taxes and Federal Taxes in the US. And as mentioned in your case taxes in your place of residence may apply as well. For CPA please send a PM

 

[Balto]

I can not send you any pm ...
can you send me pm?

thank you

 

[fshore]

Hi, no you are not tax free. If you have no physical presence in Delaware there are no corporate taxes but you are liable for federal taxes. A DE LLC is not the ideal solution for a EU citizen because of the changes in the law and the way LLC's are treated taxwise.( Single Natural Owner Disregarded Entities ) You need to file several forms with the IRS for your Corporation, apply for a EIN etc etc. And consider the taxes you might be liable for in the EU deriving from your DE LLC.
Accountants in the EU with knowledge in both worlds are hard to find. Try https://www.expatax.nl/

A LLC is disregarded when a single owner, so any taxes you owe would be the same as if you traded without the company. If you don't have US customers or nexus, agents etc in the US then you don't owe federal taxes to the US.
New from 2017 is that you need to file form 5472 and state all the transactions between the owner and the company.

 

[Balto]

It's exactly the information I knew.

But I do not know any CPA that can fill out form 5472, could you recommend someone?

 

[Martin Everson]

I formed a company in delaware around August 2018.

From what I understand, working with non-American customers, and having no current account in america, the company is completely TAX FREE, is that right?

Shouldn't you have asked this question before forming the company . Not being rude but just saying its quite a fundamental question.

 

[niggashit]

Shouldn't you have asked this question before forming the company . Not being rude but just saying its quite a fundamental question.

Would IRS agents fly Malta? ahahaha.

I tried this trick, I paid Taxes using Card then closed Corp and chargebacked. Tax free legally.

 

[UScorp]

Aha this is legal ! so i missed something in the last years

 

[Balto]

There is no trick.

A company in delaware with no current account or directors in the US, is tax free

While income led to MALTA, if you are a "self sufficient" resident, everything you produce out of malta if you not trasfer money to malta, is taxfree and legally.

I was looking only for a CPA for Form 5472

 

[fshore]

current account

Bank account location is not a relevant factor on determing tax liability in the US.

 

[niggashit]

You do not have to pay tax in US unless you have USA clients or Income. The chinese say US the new swiss. Bloomberg did article about it.