Foreign LLC Tax Obligation Checker

1.Has there been any financial transaction between you (personally) and your LLC?

Includes: capital contributions, loans to/from LLC, distributions/withdrawals, rent, management fees, or any other transfer of money or property.

2.Does your LLC have US-source revenue or conduct business in the US?

Sales to US customers, US-based services, US rental income, or any other US business activity counts.

3.Does your LLC have a financial interest in, or signature authority over, accounts located outside the US with a combined balance exceeding $10,000 at any point this year?

Includes all foreign bank accounts, brokerage accounts, mutual funds, and similar financial accounts.

4.Do your total foreign financial assets (accounts, investments, etc.) exceed $200,000?

Form 8938 applies to US citizens, resident aliens and certain nonresident aliens (e.g. those electing joint filing) — most non-resident owners do not file it. Threshold for US taxpayers living abroad: $200,000 at year-end or $300,000 at any point.

5.Does your LLC have any US-based employees or pay US-resident independent contractors?

W-2 employees, 1099 contractors, or any person located in the US who performs services for your LLC.

6.Does your LLC have more than one member (owner)?

Multi-member LLCs are treated as partnerships and have additional filing requirements (Form 1065).

7.Does your LLC own or control any foreign business entity, trust, or partnership?

Ownership of ≥50% of a foreign corporation, or any interest in a foreign partnership or disregarded entity.