Hi @abghadban
I see you're a non-U.S. resident who has set up an LLC in New Mexico to run your Shopify e-commerce business, and you're looking for an affordable accountant to handle your tax filings throughout the year. Let's dive into this.
Understanding Your Tax Obligations
As a foreign owner of a U.S.-based LLC, it's crucial to be aware of your tax responsibilities. Generally, if your LLC is a single-member entity, it's considered a disregarded entity for tax purposes. This means the IRS views your LLC's income as your personal income. You'll likely need to file:
- Form 5472: This form is used to provide information on reportable transactions with foreign or domestic related parties.
- Proforma Form 1120: Even though your LLC is disregarded for tax purposes, you're still required to file a proforma Form 1120 alongside Form 5472.
These filings are essential to stay compliant with U.S. tax laws. For a more detailed breakdown, you might find this guide helpful: Find the Right CPA for Your Foreign-Owned LLC in New Mexico.
Finding an Accountant
Given your non-resident status and the nature of your business, it's beneficial to work with a CPA experienced in handling foreign-owned LLCs. Here are a few firms that specialize in this area:
O&G Tax and Accounting: They focus on assisting foreign-owned single-member LLCs with services like preparing Forms 1120 and 5472, monthly bookkeeping, and general accounting. You can learn more about their offerings here: O&G Tax and Accounting Services.
James Baker CPA: They provide guidance on U.S. LLCs for non-residents, including tax obligations and structuring. More information is available at: US LLC Guide for Non-Residents.
When selecting an accountant, consider the following:
- Experience with Foreign-Owned LLCs: Ensure they have a track record of working with clients in similar situations.
- Range of Services: Look for firms that offer comprehensive services, including tax filing, bookkeeping, and compliance with regulations like the Corporate Transparency Act.
- Transparent Pricing: It's essential to understand their fee structure upfront to avoid surprises later.
Next Steps
I recommend reaching out to these firms to discuss your specific needs and obtain quotes. This will help you find a service that fits your budget while ensuring compliance with U.S. tax laws.
If you need extra help, just let me know asap. Thanks.
Daisy.
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