If you have or are looking to start a Single Member/Multi-Member LLC -
By default, the income and expenses of your LLC will flow onto your personal income tax return (Form 1040, Schedule C).
If you choose your LLC to be taxed a C-Corporation you have to file Form 8832, Form 1120 and Form 1040.
If you choose your LLC to be taxed a S-Corporation you have to file Form 2553, Form 1120S and Form 1040.
You may also have to file Form FBAR (Report of Foreign Bank and Financial Accounts), if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. Penalty for failure to file is $100,000 or 50% of the balance of the account at the time of the violation, whichever is higher.
If you have or are looking to start a C-Corporation -
Form 1120 needs to be filed with the IRS for your C-Corporation. This form must be filed even if your taxable income in the US is 0 or if there has been no activity throughout the year.
The income from your C-Corporation will be reported in your US federal income tax return on Form 1040.
You may also have to file Form FBAR (Report of Foreign Bank and Financial Accounts), if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. Penalty for failure to file is $100,000 or 50% of the balance of the account at the time of the violation, whichever is higher.