tax questions for ‘disregarded’ Delaware LLC owned by a non-US citizen – Upwork


I own an LLC in Delaware and think that this qualifies as ‘single-member’ . I am foreign national (Mexican). The LLC has done few transactions in the past 2 years. So I wam wondering the type of filings to IRS that I have to do. (I have not filed for 2 years but only pay state franchise).

I am confused about if I have to file or not IRS returns because the below:

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What type of return should a single-member LLC "disregarded entity" file with Delaware?
A. Delaware treats a single-member "disregarded entity" as a sole proprietorship for tax purposes. This means that the LLC itself does not pay taxes and does not have to file a return with the State of Delaware.
As the sole member of your LLC, you must report all profits (or losses) of the LLC on Schedule C and submit it with your Delaware personal income tax return (Form PIT-RES). Even if you leave profits in the company’s bank account at the end of the year – for instance, to cover future expenses or expand the business – you must pay income tax on that money.

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Need advice on how to proceed.

Hourly Range: $50.00-$250.00

Posted On: February 10, 2024 21:32 UTC
Category: Tax Law
Skills:Tax Law, Tax Preparation, Accounting

Skills: Tax Law, Tax Preparation, Accounting
Country: Mauritius

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