Question 1

Who needs to file Form 5472 and Form 1120?

Accepted Answer

Most foreign-owned single-member US LLCs treated as disregarded entities must file Form 5472 each year, attached to a pro forma Form 1120. This is an information filing — it tells the IRS about transactions between your US company and foreign related parties. Many owners must file even when the LLC had little income or no US tax due.

Question 2

Is this service for people who live outside the US?

Accepted Answer

Yes. GatewayBase is built for foreign owners of US LLCs who do not live in the United States. The questions use plain English instead of IRS tax jargon, and the workflow covers the common foreign-owned disregarded-entity filing path step by step.

Question 3

Do I need an EIN before I can file Form 1120 and 5472?

Accepted Answer

Yes. Your LLC needs a US Employer Identification Number (EIN) before you can complete Form 1120 or Form 5472. If you do not have one yet, start with GatewayBase EIN application first, then return to your yearly 1120 and 5472 filing once the EIN is issued.

Question 4

Do I need tax form experience to use GatewayBase?

Accepted Answer

No. You answer short, plain-language questions about your company, owners, and transactions. GatewayBase maps your answers to Form 1120 and Form 5472 fields, runs checks for missing required information, and builds a ready-to-sign filing packet. You do not need to read the raw IRS forms first.

Question 5

What if my LLC had no income or little activity this year?

Accepted Answer

You may still need to file. Form 5472 is often required when there were reportable transactions with foreign related parties — even small ones like a capital contribution to open a US bank account or owner-paid startup costs. No US income does not always mean no filing. GatewayBase helps you list and report these transactions correctly.

Question 6

Does filing Form 5472 mean I owe US taxes?

Accepted Answer

Not usually. For most foreign-owned single-member LLCs treated as disregarded entities, Form 5472 is an information return. It reports cross-border activity but does not automatically create a US tax bill. Your actual tax situation depends on your specific facts. GatewayBase prepares documents only — it does not provide tax advice.

Question 7

What is the filing deadline and penalty for Form 5472?

Accepted Answer

Form 5472 is due with your yearly pro forma Form 1120, usually by April 15 for calendar-year LLCs. You can often request an IRS extension for more time to file. If Form 5472 is not filed when required, the IRS can assess penalties — commonly cited at $25,000 per form per year, with possible additional penalties if the failure continues. Filing on time is important even when no US tax is owed.

Question 8

Is this service for multi-member LLCs or corporations?

Accepted Answer

No. This workflow is designed for the supported foreign-owned US disregarded-entity path — typically a single-member LLC that has not elected corporate tax treatment. Multi-member LLCs and entities taxed as corporations need a different filing workflow. During setup you confirm that your company matches the supported criteria before continuing.

Question 9

How much does Form 1120 and 5472 filing cost?

Accepted Answer

GatewayBase offers $99 for a one-time filing for the current tax year, or $79 for a yearly plan that includes the current year and renews each December 15 UTC for future filing years. If you need a previous tax year, a separate late-filing option is available at $49. Prices are shown at checkout before you pay.

Question 10

What is the difference between one-time and yearly plans?

Accepted Answer

The one-time plan covers a single filing year with no auto-renewal. The yearly plan covers the current filing year and renews every December 15 UTC so you keep access for the next filing season. If you already paid for the current year through a subscription, an included filing credit may apply at no extra charge when you start that year's return.

Question 11

Can I pay for just one filing year?

Accepted Answer

Yes. Choose the one-time plan if you only want this year's Form 1120 and 5472 filing without a subscription. Choose the yearly plan if you want GatewayBase to stay active for future years. For a previous tax year that is already closed, the late-filing option lets you pay once for that year only.

Question 12

How do I send my filing to the IRS?

Accepted Answer

After you pay, review the generated PDF packet in your dashboard, confirm the documents are accurate, and sign electronically. Then send the filing to the IRS through GatewayBase fax workflow. We fax Form 1120 and Form 5472 to the IRS on your behalf, track delivery, and save a fax confirmation PDF in your file vault for your records.

Question 13

What do I get after I pay?

Accepted Answer

You unlock your complete filing packet — pro forma Form 1120, Form 5472, and signature pages. You can review the PDFs, sign, fax to the IRS from your dashboard, and download copies anytime from your secure file vault. GatewayBase also saves fax confirmation proof so you have evidence the filing was sent.

Question 14

Does GatewayBase provide legal or tax advice?

Accepted Answer

No. GatewayBase provides document preparation software only. We are not a law firm, CPA firm, or tax advisor, and we are not affiliated with or endorsed by the IRS. You are responsible for filing deadlines, the accuracy of your information, and any penalties or interest. See our Terms of Service for full details.

File Form 1120 and 5472 for your foreign-owned US LLC.

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Four clear steps from start to submit.

Tell us about your company

Add owner and transaction details

Review your packet

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Pick one-time or yearly for Form 1120 + 5472.

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