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Filling 5472, 1120, FBAR, BOI

M

Mirela35B

New member
Mar 14, 2024
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Argentina
#1
Hello,
Any recommendations for a reliable and affordable CPA/tax advisor specialized in compliance for US LLC disregarded entity for perpetual travelers? I need help with filing 5472, 1120, FBAR and BOI for my US LLC. My questions are around what reportable transactions should be mentioned on the 5472 form, what personal address should be reported (in the absence of a current tax residence), what would be a CTA-compatible address for the BOI report, and how to best handle the LLC mailing and banking.
Thank you.
 
#4
daniels27 said:
If anybody has the cheapest, please let me know asap. I am not willing to spend more than the bare minimum on something like this.
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My personal thinking on this is different, for something that carries such high penalties for being done incorrectly, I am not sure if cheapest is the wisest choice. The fine for it not being accepted starts at $25k, and there is a possibility for a secondary type of fine which is a $25k per month fine (charged to you forever if you don't respond).
 
#5
penguin said:
My personal thinking on this is different, for something that carries such high penalties for being done incorrectly, I am not sure if cheapest is the wisest choice. The fine for it not being accepted starts at $25k, and there is a possibility for a secondary type of fine which is a $25k per month fine (charged to you forever if you don't respond).
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Yes, of course it must be correct. But there are guys charging north of $2000 for an empty return.
 
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#6
That does sound quite high, finding a good accountant for international tax situations does seem quite difficult. Plenty of people offering services via websites, but how do you know who are the good options. I genuinely don't know. But yea, I assume part of the expense of these things, is that the accountants need insurance in case you sue them. I wonder what portion of that tax preparation fee is going straight to their insurance company.
 
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#8
penguin said:
But yea, I assume part of the expense of these things, is that the accountants need insurance in case you sue them. I wonder what portion of that tax preparation fee is going straight to their insurance company.
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CPA's get locked up everyday in U.S for wrongdoing if you google it. I would not be surprised if they have high risk premium with insurers and also need the money to cover any future legal costs.
 
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#9
Martin Everson said:
CPA's get locked up everyday in U.S for wrongdoing if you google it. I would not be surprised if they have high risk premium with insurers and also need the money to cover any future legal costs.
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What CPA company would you recommend for a small company owner? or how would you find one that is worth it what to look for?
 
#10
From my experience, US CPAs are not familiar with compliance for foreign-owned US LLC disregarded entities owned by perpetual travelers. They are often unable to reply specific questions for such cases. On the other hand, there are a few "hands on" advisors, who are not CPAs or tax lawyers, and who specialize in compliance for such cases, but do not assume responsibility for their tax advice or filings. From my experience, these are either suggesting potentially dodgy practices and ghosting clients, or quoting 1000 USD per hour for a consult. There are also services that automatically file compliance forms, but that would not answer questions about these, so I am concerned there is a risk these forms may be filed incorrectly without taking the time to understand the context and details of each client's case. These appear to be the market dynamics from my research so far.
 
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#13
JohnLocke said:
What CPA company would you recommend for a small company owner? or how would you find one that is worth it what to look for?
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Unfortunately I have never dealt with a US CPA but I know they are not cheap. The very first thing to ask is their pricing and check their credentials also. Four figure billing is normal for doing nothing and avoid any TikTok CPA's..lol.. But I have heard that some non-resident people have used Abitos however.
 
#14
daniels27 said:
Ok, but what amount are you aiming for?
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Could you write a guide about that?
Is there the possibility to correct the form after submission or will they just fine you?
I am wondering if it is worth to fill it, if the solo LLC is not used currently and better just shut it down and go to UK, since I feel a bit frightened over the absurd fines they wanna charge, looks for me more like a honeypot where you easily can tap into by filling it wrong.
 
#15
forlac said:
Could you write a guide about that?
Is there the possibility to correct the form after submission or will they just fine you?
I am wondering if it is worth to fill it, if the solo LLC is not used currently and better just shut it down and go to UK, since I feel a bit frightened over the absurd fines they wanna charge, looks for me more like a honeypot where you easily can tap into by filling it wrong.
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The mainly fine you if you do not file form 5472 (or file late). Hence, it is always better to file it than not. Just an empty one is good if you have not done anything with the company. They will simply fine you $25,000 with a letter. Of course, if the company has no money, they won't be able to collect. But you can always call them when you get the letter. If you never had a fine in the last 3 years, you qualify for the first time abatement and they will waive the fine. You can then still hire a $2000 guy for the next three years until you are entitled a first time abatement again.

Myt advice: file the stuff as needed (before 15 June), the date of the postmark counts.
 
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