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Compliance Requirements for Your LLC: Annual Reports and Taxes

Summary: This article outlines the compliance requirements and forms that may need to be filed for maintaining good standing for your LLC, specifically focusing on the annual report, IRS tax obligations, and foreign bank account reporting.

Compliance Requirements for Your LLC

When managing your LLC, it is essential to be aware of the various compliance requirements to ensure your business remains in good standing. Below are the key obligations you need to fulfill:

1. Annual Report

  • Filing Requirement: Every LLC must file an annual report with the state where it is registered.
  • Due Date: For LLCs registered in Wyoming, the annual report is due in April of the following year after formation. For example, if your LLC was formed in April 2025, the report will be due in April 2026.
  • Filing Options: You can either file the report yourself through the state website or opt for assistance from a service provider for a fee.

2. Federal IRS Tax Obligations

  • Filing Requirement: LLCs must file federal taxes annually by April 15.
  • Forms Required: If your LLC has reportable transactions, you will need to complete the following forms:
    • Form 5472: This form is used to report certain transactions between a foreign-owned U.S. disregarded entity and its foreign owner.
    • Form 1120: This is the U.S. Corporation Income Tax Return.
  • Filing Options: You can file these forms yourself or seek assistance from a service provider.

3. Foreign Bank Account Reporting (FBAR)

  • Filing Requirement: If your LLC has foreign bank accounts with a combined value exceeding $10,000 at any time during the calendar year, you must file a Report of Foreign Bank and Financial Accounts (FBAR).
  • Form Used: The FBAR is filed using Form 114.

Conclusion

To maintain compliance for your LLC, ensure that you file your annual report and federal taxes on time, and report any foreign bank accounts as required. If you have further questions or need assistance with these filings, consider consulting with a professional or your accounting team.