Your LLC must file Form 5472.
The penalty for skipping it: $25,000
It doesn't matter if you billed $0. It doesn't matter if you owe no tax. If your LLC has a foreign owner, filing is mandatory. Period.
Why does this requirement exist if my LLC owes no tax?
The most expensive mistake you can make: thinking that owing no U.S. tax means there is nothing to file.
Reporting is not paying. The IRS needs to know who controls the company, with which
parties it operates and what capital movements it has had. Ignoring this requirement typically leads to
automatic penalties.
💡 The IRS assumes you must file unless you can prove otherwise.
Specialized service for international structures
We don't do generic filings. We cover a specific profile: Disregarded LLCs with foreign ownership. If you fit, perfect. If not, we tell you before charging.
- ✓ You have a Single-Member LLC (Disregarded Entity)
- ✓ You are a Non-Resident Alien (you don't reside in the U.S.)
- ✓ Your LLC runs a digital or physical business
- ✓ Your LLC is owned by a holding or foreign entity
- ✓ Your LLC is owned by a FIP
- ✓ You have transactions with Related Parties
- ✗ Your LLC has multiple members (Multi-Member)
- ✗ You are a U.S. tax resident or citizen
- ✗ Your LLC is taxed as a C-Corp or S-Corp
- ✗ You need to file personal U.S. taxes
- ✗ Your case requires binding legal advice
What we report to the U.S. government
Your LLC is fiscally "transparent," but with the IRS and FinCEN there are three pillars to declare to keep the structure legal:
Real owner identity
We declare the company's ultimate beneficial owner. The IRS requires knowing who is behind the foreign-owned LLC to prevent tax anonymity.
Transactions with related entities
We report any money movement between the LLC and its owner, holding or relatives (Related Parties). This includes loans, capital contributions or service payments.
Bank account report (FBAR)
It's the form where the government sees the movements and balances of the company accounts. Technical name: FinCEN 114.
See the technical names of IRS forms
We file Form 1120 (pro-forma) as the wrapper, Form 5472 for foreign ownership and transactions, and the specific Related Parties schedules. Everything is filed electronically with the IRS.
⚠️ What happens if you don't file on time?
Automatic initial penalty
$25,000 for every form not filed or filed incomplete.
Cumulative sanctions
An additional $25,000 every 30 days if not corrected after notice.
Factual and unavoidable consequences:
- ✗ Does not depend on whether the LLC has revenue or profit.
- ✗ Does not depend on whether the LLC owes US taxes.
- ✗ It's a formal information-reporting penalty.
What if I just do it myself?
In every founder community there's always someone telling you: "you can do it yourself, it's easy, simple, anyone can do it". That's the Dunning-Kruger effect applied to the IRS. Here's what they're not telling you:
No PTIN = illegal
The IRS requires a PTIN from anyone who charges to prepare a return. Your buddy who "does taxes" doesn't have one. Neither does the Fiverr guy. If they sign without a PTIN, they're committing fraud; if they don't sign, the liability is entirely yours.
TurboTax doesn't do 1120 pro-forma
No consumer software (TurboTax, H&R Block, FreeTaxUSA) supports the 5472 + 1120 pro-forma combo for a foreign-owned SMLLC. If anyone tells you it does, they don't understand the question.
Forgotten Related Parties
The 5472 requires you to file every transaction with related parties: yourself, your holding, your spouse, your other LLCs. 95% of DIY filers omit them. The IRS cross-checks bank data via FATCA. They will catch you.
Saving $400 = risking $25,000
A $30 Fiverr gig or a free favor from a buddy sounds great until the IRS sends the CP-215. Base penalty: $25,000. Add another $25k every 30 days if you don't correct it. Do the math.
Reportable Transaction Codes
The 5472 requires every transaction to be coded using one of 13 IRS codes (Sales, Loans, Rents, Royalties…). Miscoding isn't cosmetic: it triggers automatic manual review.
Filing without a paper trail
The IRS requires certified mail with return receipt or a specific fax number (which changes every year). Anyone mailing it via standard post has no proof of delivery. If they "never received it", the non-filing penalty kicks in anyway.
⚠ This service isn't to save you the work. It's to save you the penalty.
We prepare your Form 5472 + 1120 pro-forma with PTIN-registered preparers, complete Related Parties, correct Reportable Transaction Codes, and shipping with proof of delivery. 40+ QC validations before your return reaches the IRS.
Can I file Form 5472 myself or with a cheap preparer?
Legally you can self-file if you're the owner. But you need to master: Form 1120 pro-forma (not the regular 1120), Form 5472 with the correct Reportable Transaction Codes, full Related Parties disclosure, and physical mail or fax submission. The IRS does not accept e-file of the 5472 for a foreign-owned SMLLC without a professional preparer's EFIN.
If you pay someone, that person must have a PTIN (Preparer Tax Identification Number) from the IRS. Fiverr-style services, accountant brothers-in-law, and non-US bookkeepers without IRS credentials cannot legally sign as paid preparers. If they sign without a PTIN, that's fraud; if they don't sign, the entire liability before the IRS falls on you.
The penalty for error or omission is $25,000 base + $25,000 every 30 days after notice. The expected cost of DIY far exceeds the price of any serious professional service.
We cover real structures, not just the simple ones
The LLCs of international founders aren't all alike. Your LLC may be owned directly by you, by a FIP, or by a holding — and every case has its own forms.
Digital businesses
SaaS, e-commerce, consulting, freelance, digital marketing, info-products, affiliate. Anything you bill online.
Physical businesses
Import/export, dropshipping with inventory, professional services with physical presence outside the US.
FIP as owner
Your LLC is owned by a FIP. We cover the tax implications and the additional reporting that requires.
Holdings & Related Parties
LLCs under a foreign holding, transactions with related entities, family members with an ownership stake, intercompany contracts. Every link generates a 5472.
Why a "cheap" filing can cost you a lot
Many services file as if your LLC were an isolated company. The problem: the IRS doesn't just analyze the form — it analyzes the coherence of your entire structure.
- ✗ Report the LLC without global context
- ✗ Ignore the owner's internal operations
- ✗ Don't identify the real related entities
- ✗ File a single generic 5472
Result: Inconsistencies that trigger IRS alarms.
- ✓ We reflect real control (UBO)
- ✓ We map your network of related entities
- ✓ We report internal capital flows
- ✓ We avoid inconsistencies that typically trigger reviews
Goal: The information makes sense if anyone reviews it.
Complex situations we actually catch:
Personal expenses paid from the LLC account.
LLC owned by a foreign holding or foundation.
Loans or capital contributions between your own companies.
Intercompany invoicing (transfers between your own entities).
Use of bank accounts in different countries for the same LLC.
Entities reporting no profit but with high transaction volume.
Specialized
We only file Disregarded LLCs with foreign ownership. It's the only thing we do.
Global view
We don't file forms in isolation. We analyze your full structure so the numbers line up.
Bilingual support
Form, tooltips, executive summary and support — in your language, no clumsy translations.
Human review
Every filing gets a manual review before submission. Nothing reaches the IRS without supervision.
Clear pricing, no surprises
The cost of the service is less than 3% of the minimum penalty for failing to file a single form. Think of it as insurance against a $25,000 penalty.
For proactive clients filing the current tax year on time.
- Form 1120 + Form 5472
- Bank account report (FBAR)
- Related Party schedules
- Electronic filing with the IRS
- Official submission receipts
For LLCs owned by foreign entities (FIP, Holdings, SL) without ECI in the US.
- Indirect ownership cases
- ✓ Ultimate Beneficial Owner (UBO) report
- Multiple Forms 5472
- FIP or Holding structures
- Complex scenarios without ECI
The later it gets reviewed, the harder it is to reconstruct the information correctly.
With the Manager Plan ($3,600/year), standard Tax Filing is included along with FBAR, BEA, full bookkeeping and governance. If you'll need several services, Manager comes out cheaper than buying them separately.
The bank account report (FBAR)
Beyond your tax filing with the IRS, there's a separate obligation: the bank-account report. It doesn't go to the IRS — it goes to FinCEN (US Department of the Treasury).
When it applies
If the LLC exceeds certain balances in US accounts. It doesn't matter whether there was no activity or whether the money isn't "personal".
Why it matters
It's where the government sees which accounts exist, at which banks, and who holds real financial control.
What we do:
We file the FBAR alongside the annual filing so your LLC isn't tax-filed but
financially "invisible". We cover both obligations
for a fully documented structure.
They're two different obligations. Fulfilling one doesn't cover the other.
How it works
From start to finish, in 5 clear steps. You gather the data, we execute.
You fill out the online form
You access our 9-step wizard from your dashboard. If you're a member, your data is already loaded. You only complete what's missing — step by step, no overwhelm.
You review and sign
Before submitting, you see a full summary of your filing. You sign directly on screen — no printing, no scanning.
Automatic validation
Our system runs more than 40 checks on your data: EIN format, numerical consistency, duplicates, common errors. If anything is off, we flag it.
Human review
Our team personally reviews every filing before submission. Nothing reaches the IRS without our supervision.
Submission + delivery
We generate the official forms (1120 + 5472 + FBAR if applicable), submit them to the IRS, and deliver you a signed copy with a verifiable stamp.
💡 When do you need to file?
The deadline to file the 1120 pro-forma + 5472 for your Disregarded LLC is April 15 of the year following the tax year. You can request an extension until October 15, but the extension is to file — not to pay. If you file past the deadline without an extension, the IRS can apply penalties.
A form you don't need a CPA standing next to you to fill out
Our 9-step wizard walks you through it end-to-end. If you're already a member, your data is pre-loaded. You just fill in what's missing.
Step-by-step wizard
9 short steps instead of one endless form. Move forward when you're ready, back up when you need to. No overwhelm.
Pre-loaded data
If you're a member, pick your LLC and we autofill it: legal name, EIN, address, tax info. You finish what's left.
Encrypted autosave
Your progress saves automatically with AES-256 encryption. Close the tab, come back later, pick up where you left off.
Inline help
Every term has its plain-English explanation right where you need it. No Googling what each field means.
Per-step validation
You can't move forward without completing required fields. The system catches errors before they reach the IRS.
Currency converter
Enter amounts in your local currency; the form converts to USD using up-to-date official rates.
On-screen signature
Sign right on the screen — phone or laptop. No printing, no scanning, no mail.
Final review
Before submission you see a full summary of your filing. You verify every line and only then confirm.
40+ QC validations
After submission, our system runs 40+ automated checks. If anything doesn't add up, we contact you before we file.
⚠️ Penalties are not optional
If the IRS finds you didn't file Form 5472, the penalty is $25,000. No excuses: doesn't matter if you had no revenue, were operating at a loss, or "didn't know". The letter usually shows up months or years later — when reconstructing the data is much harder.
🔍 We review everything before we file
You enter the data, we supervise it. Before anything reaches the IRS, our team reviews every field on your form: we catch errors, inconsistencies, or numbers that don't line up — and we flag them back to you so you can fix them. You fill it in, we verify. Nothing gets filed without our sign-off.
What founders usually ask
Do I need to be a Devil Club member to hire this?
No. This is a stand-alone, one-shot service. You don't need to have formed your LLC with us, and you don't need an active subscription. If your LLC fits our scope, we can file it.
My LLC made $0 — do I still have to file?
Yes. Your LLC is a Disregarded Entity — it doesn't pay corporate tax. But if it has foreign ownership (you, a FIP, a holding), filing Form 1120 pro-forma + 5472 is mandatory regardless of revenue. Even at $0 in income, non-filing carries a $25,000 penalty.
Can I hire you if I'm past the deadline?
Yes — we evaluate the year and the activity first before we accept the case. If you're past the deadline, the priority is to get current as fast as possible to stop the penalty clock from running. Reach out and we'll size up your specific situation.
What is the executive summary you mention?
A plain-English report that walks you through exactly what we filed, what each form means in your case, and what it implies. So you actually understand your own filing without needing to read raw IRS forms.
My LLC is owned by a FIP — do you cover that?
Yes. When the LLC owner is a FIP, the reporting structure shifts: there are additional reportable transactions between the FIP and the LLC that require their own Forms 5472. That falls under the Complex Structures plan.
Is FBAR (FinCEN 114) included?
Yes — FBAR is included in both plans. It's filed with FinCEN (not the IRS) and is a mandatory report on US bank accounts. You don't need to contract it separately; we file it alongside your other forms.
What's the difference between Annual Filing and Complex Structures?
Annual Filing covers a Disregarded LLC with a single individual owner: 1120 pro-forma + 5472 + Related Party schedules. Complex Structures is for cases where the LLC is owned by a Panamanian FIP, a holding company, or has transactions with multiple related entities that require multiple 5472s with their own attachments.
Technical concepts in plain English
We strip out the complexity so you understand what the IRS actually wants — without being a tax expert.
What is a Related Party?
In short, any entity or individual with direct or indirect control over your LLC. That includes: you as the owner, immediate family, other holdings you own, or even foundations (FIP) that hold the equity.
What is the NAICS code?
An industry classification system (North American Industry Classification System). The IRS uses it to identify which sector your business operates in. You don't have to look it up — we assign it from your activity description.
What does "Disregarded Entity" mean?
It means that for IRS purposes, your LLC and you (or your holding) are treated as the same entity for income tax. The LLC "disappears" and profits flow directly to the owner. That's why it doesn't pay corporate tax — but it does have informational reporting obligations.
Don't wait for the IRS letter to show up
We check your structure and tell you exactly what you need to file. No commitment. No surprises. No waiting until it's too late.
The later it's reviewed, the harder it gets to reconstruct the information accurately.
Already a Devil Club member? Go straight to the form →
This service is strictly limited to the technical preparation and submission of forms to the IRS based on the information provided by the client.
Devil Club operates as a tax preparer registered with the IRS (PTIN) for the filing of the forms listed above. We do not provide binding legal, tax, or accounting advice. Each request is reviewed individually to verify it fits within the service scope. Deadlines and penalty amounts referenced here are indicative and can change with current law. This service is limited to Single-Member LLCs treated as Disregarded Entities with Non-Resident Alien, FIP, or foreign-holding owners. Any additional service outside the stated scope will be quoted and confirmed separately.
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