Annual filing help for Indian founders

Annual

filing help for Indian foundersMeta description: Expert guidance on General : Annual filing help for Indian founders. Get professional compliance support for your US business.Excerpt/lead: Setting up a US company is only the first step.

Indian founders who own US LLCs or corporations must comply with federal filing rules (IRS and FinCEN) and state-level annual reports, franchise or LLC taxes. This guide explains what to file, when, common pitfalls, and a practical checklist to keep your US entity in good standing.Sections (compact, copy-ready):- Quick overview: who this applies to (non‑US resident Indian founders who own US LLCs or C corporations; foreign-owned single‑member LLCs treated as disregarded entities for income but not for information reporting).- Federal filings every founder must know - EIN (IRS Form SS-4): required to open a US bank account, file tax returns and hire employees.

Apply online if you have a responsible party SSN/ITIN; non‑residents can apply using Form SS‑4 instructions. (See IRS SS‑4 guidance). - Form 5472 + pro‑forma Form 1120 (for foreign‑owned single‑member LLCs): foreign‑owned SMLLCs must file Form 5472 and a pro‑forma 1120 annually to disclose reportable transactions even if there is zero US income.

Penalties for failure start at $25,000. - Corporate tax returns: If taxed as a corporation, file Form 1120 by the corporate due date (generally April 15 for calendar year filers) or file timely extension; partnership returns (Form 1065) apply for multi‑member LLCs. - FBAR (FinCEN Form 114): individuals with signature authority or financial interest in foreign accounts whose aggregate balance exceeds $10,000 at any point in the year must file electronically via BSA E‑Filing (April 15 with automatic extension to Oct 15). - ITIN (Form W‑7): nonresident individuals who need a U.S.

TIN for withholding, reporting beneficiaries, or as part of filing tax forms should apply for an ITIN when required. - Corporate Transparency Act (BOI) reporting: beneficial ownership information reporting (BOI) requirements under the CTA may apply; founders should review FinCEN guidance for who must file or confirm exemptions. - Withholding & cross‑border payments: withholding may be required on certain US‑source payments to foreign persons (1099/withholding rules).

Use treaty rates where applicable and collect appropriate documentation (Form W‑8BEN or W‑8BEN‑E).- Payroll and employment basics - Employer withholding and payroll tax filings: register for payroll (EIN), collect Form W‑4 from US employees, file Form 941 (quarterly) and Form 940 (annual FUTA), deposit withheld income and payroll taxes per IRS rules.

Engage a US payroll provider for correct federal and state withholding and unemployment reporting.- State filings and sample state rules (high‑priority states) - Delaware: Corporations file Annual Report and pay franchise tax by March 1; LP/LLC/GP entities pay annual tax of $300 due June 1 (penalties & interest for late payment). - Florida: Annual reports required for LLCs and corporations; deadline in 2025: May 1 before $400 late fee; administrative dissolution occurs if annual report not filed by specified September deadline. - Texas: Annual franchise tax reports due May 15; thresholds and rates vary (no corporate income tax but franchise/margin tax applies; see comptroller guidance). - California, New York, New Jersey, Washington, Illinois: founders must check the relevant state SOS and tax department sites for LLC annual fees, minimum franchise tax (California $800 minimum LLC tax—check state guidance), New York biennial filings for certain entity types, Washington B&O taxes on gross revenue. (State requirements vary by entity type and whether the company “does business” in the state.)- Practical advice & operational checklist - Maintain a US business bank account separate from personal accounts; keep detailed records of capital contributions, loans, reimbursements and related‑party transactions (these are often reportable on Form 5472). - Appoint and maintain a registered agent in your state of formation; keep the agent and principal contact info current. - Create a compliance calendar (annual report deadlines, franchise tax payments, federal return due dates, FBAR/FinCEN deadlines, payroll deposit/return dates).

Sample deadlines: Form 1120/5472 due Apr 15 (calendar year), FBAR Apr 15 (auto‑extended to Oct 15), Delaware corporations Mar 1, Delaware LLC tax Jun 1, Texas franchise tax May 15, Florida annual report May 1 (late fee applies), etc. - Get an EIN early (Form SS‑4) and apply for an ITIN (Form W‑7) for individuals when needed.

Use a US CPA for initial year to identify reportable transactions and avoid penalties (Form 5472 misfiling leads to $25,000 penalty). - Coordinate Indian reporting (ODI/FEMA): if you invest funds from India, comply with RBI/FEMA ODI rules and report the overseas investment as required. - When raising funds or accepting US employees, consult US immigration counsel for work/visa issues—entity ownership does not grant a visa.- Common mistakes and how to avoid them - Missing Form 5472/Pro‑forma 1120 even with zero revenue — keep records and file timely. - Using a virtual address without a registered agent and missing state notices. - Opening bank accounts before getting EIN or insufficient documentation — prepare formation docs, EIN, passport ID and US address/registered agent info.- Where to get help (recommended next steps) - Hire a US CPA experienced with foreign‑owned entities for first‑year setup and Form 5472 identification. - Use a registered agent and a payroll provider for US hires. - Coordinate with an India CA/AD bank for FEMA/ODI compliance if funds come from India.

Title: Annual filing help for Indian foundersMeta description: Expert guidance on General : Annual filing help for Indian founders. Get professional compliance support for your US business.Excerpt/lead: Setting up a US company is only the first step.

Indian founders who own US LLCs or corporations must comply with federal filing rules (IRS and FinCEN) and state-level annual reports, franchise or LLC taxes. This guide explains what to file, when, common pitfalls, and a practical checklist to keep your US entity in good standing.Sections (compact, copy-ready):- Quick overview: who this applies to (non‑US resident Indian founders who own US LLCs or C corporations; foreign-owned single‑member LLCs treated as disregarded entities for income but not for information reporting).- Federal filings every founder must know - EIN (IRS Form SS-4): required to open a US bank account, file tax returns and hire employees.

Apply online if you have a responsible party SSN/ITIN; non‑residents can apply using Form SS‑4 instructions. (See IRS SS‑4 guidance). - Form 5472 + pro‑forma Form 1120 (for foreign‑owned single‑member LLCs): foreign‑owned SMLLCs must file Form 5472 and a pro‑forma 1120 annually to disclose reportable transactions even if there is zero US income.

Penalties for failure start at $25,000. - Corporate tax returns: If taxed as a corporation, file Form 1120 by the corporate due date (generally April 15 for calendar year filers) or file timely extension; partnership returns (Form 1065) apply for multi‑member LLCs.

114): individuals with signature authority or financial interest in foreign accounts whose aggregate balance exceeds $10,000 at any point in the year must file electronically via BSA E‑Filing (April 15 with automatic extension to Oct 15). - ITIN (Form W‑7): nonresident individuals who need a U.S.

TIN for withholding, reporting beneficiaries, or as part of filing tax forms should apply for an ITIN when required.

- Withholding & cross‑border payments: withholding may be required on certain US‑source payments to foreign persons (1099/withholding rules). Use treaty rates where applicable and collect appropriate documentation (Form W‑8BEN or W‑8BEN‑E).- Payroll and employment basics - Employer withholding and payroll tax filings: register for payroll (EIN), collect Form W‑4 from US employees, file Form 941 (quarterly) and Form 940 (annual FUTA), deposit withheld income and payroll taxes per IRS rules.

Engage a US payroll provider for correct federal and state withholding and unemployment reporting.- State filings and sample state rules (high‑priority states) - Delaware: Corporations file Annual Report and pay franchise tax by March 1; LP/LLC/GP entities pay annual tax of $300 due June 1 (penalties & interest for late payment). - Florida: Annual reports required for LLCs and corporations; deadline in 2025: May 1 before $400 late fee; administrative dissolution occurs if annual report not filed by specified September deadline. - Texas: Annual franchise tax reports due May 15; thresholds and rates vary (no corporate income tax but franchise/margin tax applies; see comptroller guidance). - California, New York, New Jersey, Washington, Illinois: founders must check the relevant state SOS and tax department sites for LLC annual fees, minimum franchise tax (California $800 minimum LLC tax—check state guidance), New York biennial filings for certain entity types, Washington B&O taxes on gross revenue. (State requirements vary by entity type and whether the company “does business” in the state.)- Practical advice & operational checklist

5472).

- Create a compliance calendar (annual report deadlines, franchise tax payments, federal return due dates, FBAR/FinCEN deadlines, payroll deposit/return dates). Sample deadlines: Form 1120/5472 due Apr 15 (calendar year), FBAR Apr 15 (auto‑extended to Oct 15), Delaware corporations Mar 1, Delaware LLC tax Jun 1, Texas franchise tax May 15, Florida annual report May 1 (late fee applies), etc. - Get an EIN early (Form SS‑4) and apply for an ITIN (Form W‑7) for individuals when needed.

Use a US CPA for initial year to identify reportable transactions and avoid penalties (Form 5472 misfiling leads to $25,000 penalty).

- Missing Form 5472/Pro‑forma 1120 even with zero revenue — keep records and file timely.

- Hire a US CPA experienced with foreign‑owned entities for first‑year setup and Form 5472 identification.

• FBAR (FinCEN Form
• Corporate Transparency Act (BOI) reporting: beneficial ownership information reporting (BOI) requirements under the CTA may apply; founders should review FinCEN guidance for who must file or confirm exemptions.
• Maintain a US business bank account separate from personal accounts; keep detailed records of capital contributions, loans, reimbursements and related‑party transactions (these are often reportable on Form
• Appoint and maintain a registered agent in your state of formation; keep the agent and principal contact info current.
• Coordinate Indian reporting (ODI/FEMA): if you invest funds from India, comply with RBI/FEMA ODI rules and report the overseas investment as required.
• When raising funds or accepting US employees, consult US immigration counsel for work/visa issues—entity ownership does not grant a visa.- Common mistakes and how to avoid them
• Using a virtual address without a registered agent and missing state notices.
• Opening bank accounts before getting EIN or insufficient documentation — prepare formation docs, EIN, passport ID and US address/registered agent info.- Where to get help (recommended next steps)
• Use a registered agent and a payroll provider for US hires.
• Coordinate with an India CA/AD bank for FEMA/ODI compliance if funds come from India.