Tax Services for Non-Resident LLC Owner with Future Planning

readisupply

I am a non-resident from Peru and the sole proprietor of an LLC established in September 2023 in the United States. The LLC has received a nominal payment of $100 from Colombia through Stripe. Given the current and projected financial activity, I am seeking professional advice on my US tax obligations, including the necessary forms and reporting requirements.

Additionally, I am at a crossroads about the future of my company due to the potential for little to no income generation through this entity. I am contemplating whether to maintain the company or proceed with dissolution. I require assistance in understanding the tax implications of each scenario to make an informed decision.

Could you provide information on your services, especially concerning non-resident tax issues, federal and state tax filings, and strategic advice on managing my LLC under these circumstances?

Thank you for your time and assistance.

KristineS

Hi readisupply,

Thank you for your question.

FreeTaxUSA is a tax preparation and filing service for preparing and filing federal and/or state individual income tax returns. We help our customers with specific questions or problems as they relate to the preparation and filing of these tax returns, not general advice. Neither does our service provide advice on managing a business or business tax filing requirements, unless related to Schedule C, Profit or Loss from Business (Sole Proprietorship), which may include a Single Member LLC (SMLLC).

If you are self-employed you have a filing requirement if you made $400 or more in 2023.

You must file a return if you are a nonresident alien engaged or considered to be engaged in a trade or business in the United States during the year.

If you are a nonresident alien engaged in a trade or business in the United States, you must pay U.S. tax on the amount of your effectively connected income, after allowable deductions, at the same rates that apply to U.S. citizens and residents.

You may read more about this here.

You may read more about general filing requirements found on page 9 of IRS Publication 17.

As the owner of an LLC please read and understand the new Financial Crimes Enforcement Network (FinCEN) reporting requirements on this FinCEN website. These requirements went into effect January 1, 2024, and apply to most U.S. based businesses, including LLCs.