Accounting and Reporting for a US Company

Accounting and reporting for a US company owned from Ukraine means federal reporting to the IRS, reporting to the state of formation, and taxes in the states where the company does business. A single-member LLC with a foreign owner files Form 5472 with a pro forma Form 1120 every year by the 15th day of the 4th month after year end (April 15 for a calendar year), by fax or mail only, and the penalty for not filing is $25,000. A C corporation files Form 1120 by the same date and pays 21% federal tax. The state requires an annual report or annual tax: in Delaware corporations pay by March 1 and LLCs by June 1; in Wyoming the report is due on the first day of the month of formation. Since 14.08.2026 companies created in the United States are exempt from beneficial ownership (BOI) reporting to FinCEN. Key Solutions coordinates this work: a US partner accountant keeps the books and files the forms, and we set the tasks, check deadlines and figures and prepare owner reporting.

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First: how your company is taxed

US reporting depends on the company's tax classification, which is settled before the first entry is booked. A single-member LLC with a foreign owner is a disregarded entity by default: it pays no income tax at entity level, but the IRS requires information reporting on its transactions with the owner and related parties. An LLC with two or more members is taxed as a partnership by default and files Form 1065. A corporation, or an LLC that elected to be taxed as one, is a separate taxpayer and files Form 1120.

What a US company files and when

Reporting runs through three channels: the IRS (federal tax and information returns), the state of formation (annual report or annual tax), and the states where the company sells or hires (sales tax, payroll, state tax). The deadlines below come from irs.gov, fincen.gov and state websites as of 10.2026, for a company with a calendar financial year.

Form 7004 generally extends the time to file by 6 months; the time to pay stays the same, and tax is due by the original date (IRS: Instructions for Form 7004). A due date falling on a weekend moves to the next business day.

Form 5472 for a foreign-owned LLC

This is the key form for most Ukrainian owners of a US LLC. The disregarded entity files a pro forma Form 1120 with only the name, address and items B and E on page 1 completed, and attaches Form 5472 with details of the direct and ultimate foreign owner and of reportable transactions: capital contributions, loans, payments to the owner, services bought from related parties (IRS: Instructions for Form 5472, rev. 12/2024).

• These forms cannot be e-filed. The IRS accepts them by fax (300 DPI or higher) or by mail to its Ogden, Utah unit, with "Foreign-owned U.S. DE" written across the top of Form 1120. Form 7004 for an extension goes the same way.
• Each direct and ultimate foreign owner's foreign tax number (for Ukraine, the individual tax number RNOKPP) is entered, or "None" if there is none.
• Failing to file, filing late or filing a substantially incomplete form carries a $25,000 penalty; if the failure continues more than 90 days after IRS notice, another $25,000 applies for each 30-day period.
• The company must keep permanent books and records sufficient to establish its related-party transactions. Failing to keep them triggers the same penalty.
• For a foreign-owned LLC, reportable transactions include amounts paid in connection with forming and maintaining the company, so Form 5472 can be required in a year with no income.

We therefore keep the LLC's books from the first month, with every transaction with the owner and the owner's companies recorded separately, so the Form 5472 figures are ready by March.

Corporation: Form 1120 and 21% tax

A corporation computes federal tax as 21% of taxable income (IRS: Instructions for Form 1120, 2025). If it expects tax of $500 or more for the year, it pays estimated tax in four instalments, and tax payments must be made electronically. When a foreign shareholder owns 25% or more, Form 5472 for related-party transactions is attached to Form 1120. On top of federal tax, the corporation pays tax in the states where it does business, each with its own rates and rules.

Dividends to a foreign owner are taxed at source: most types of US-source income received by a foreign person are subject to 30% US tax, unless a tax treaty reduces it (IRS: NRA withholding). The company withholds and reports on Forms 1042 and 1042-S by March 15. Crystal.tax checks how the Ukraine–US tax treaty applies before the first payment.

State reporting: Delaware and Wyoming

Formation in a state creates a yearly obligation to that state, even when the company does no business there. Missing it leads to penalties, and in Wyoming to administrative dissolution.

Amounts per corp.delaware.gov, the LLC tax instructions, the Wyoming fee schedule and the Wyoming SOS FAQ, checked 10.2026. A company doing business in another state (office, staff, warehouse) generally registers there as a foreign entity and reports to that state as well.

BOI reporting to FinCEN as of 10.2026

The Corporate Transparency Act required companies to report beneficial ownership information (BOI) to FinCEN. In March 2025 an interim final rule exempted companies created in the United States, and on 11 August 2026 FinCEN issued a final rule, effective 14 August 2026: US companies are exempt from BOI reporting and no longer have to file (fincen.gov/boi). The obligation remains for foreign entities registered to do business in a US state: they report beneficial owners who are not US persons (FinCEN release, 11.08.2026). A Ukrainian company with a branch or state registration in the US should check BOI separately.

Sales tax and payroll

Sales tax in the US is set by the states; there is no single federal sales tax. Since the Supreme Court's decision in South Dakota v. Wayfair (2018), a state may require a seller to collect sales tax without physical presence in the state (585 U.S. 162). Economic nexus thresholds and rules for digital services differ by state, so sales tax registration is checked against actual sales: which states the customers are in, what is sold, and which marketplaces already collect the tax for the seller.

A company with US employees adds federal payroll reporting: Form 941 quarterly, Form 940 and W-2 by January 31, plus state taxes where the employee works. Withheld taxes are deposited monthly by the 15th or on a semi-weekly schedule, depending on the amounts. Payments to US contractors are reported on Form 1099-NEC by January 31.

Taking over from the previous agent

We start with a check: formation date, state status, the EIN and the IRS letter assigning it, forms filed for earlier years, bank statements and money flows between the company and the owner. If forms were missed, the partner accountant prepares them for all open years, and the owner receives a risk assessment before anything is filed. Differences are recorded in a handover report.

What the service includes

• diagnostic: entity type, tax classification, state status, EIN, filing and payment history;
• selecting and setting up the US partner accountant: scope, document flow, access;
• bookkeeping in cloud software with related-party transactions tracked separately;
• Form 5472 and pro forma 1120 for an LLC, Form 1120 and estimated tax for a corporation, Form 1065 and K-1s for a multi-member LLC;
• Forms 1042 and 1042-S for payments to foreign persons;
• payroll and sales tax monitoring in the states where the company sells or hires;
• state annual report and tax, liaison with the registered agent;
• management reporting for the owner: profit, cash flow, taxes due;
• a financial statements pack for the Ukrainian owner's CFC report, consolidation with a Ukrainian company on request.

How we work

1. Diagnostic. We confirm entity type and tax classification and check state status, EIN and past filings.
2. Handover. We take over the books from the previous agent, rebuild missed years and record differences.
3. Ongoing cycle. Documents, bank reconciliation, payroll and sales tax where they apply.
4. Annual cycle. Form 5472, 1120 or 1065, 1042-S, state annual report and tax.
5. Owner reporting. Management report, CFC and consolidation pack.

Reporting for the owner in Ukraine

For an owner who is a Ukrainian tax resident, a US LLC or corporation is usually a controlled foreign company: a stake above 50%, or above 10% where Ukrainian residents together hold 50% or more (Tax Code of Ukraine, sub-para. 39-2.1.2). Ukrainian law treats the LLC as a foreign legal entity, even though it is transparent for the IRS. Certified copies of the company's financial statements are attached to the CFC report (sub-para. 39-2.5.2), so the US books are kept to produce full year-end statements. We prepare the CFC pack together with reporting for foreign companies. The group's US market entry overview is at innovacg.com.

Registration and visas: other group companies

Forming the LLC or corporation, obtaining the EIN and appointing a registered agent is handled by crystal.tax: start a company in the USA. A US company gives no visa or right of residence by itself. Immigration matters are handled by legal.ua. Key Solutions steps in once the company exists or is being formed and is responsible for accounting and reporting.

What we need from you

• certificate of formation or incorporation, state and formation date;
• the IRS EIN assignment letter;
• LLC operating agreement or corporate bylaws, list of owners and their stakes;
• IRS forms and annual reports filed for earlier years, if the company has been operating;
• bank and payment platform statements;
• a list of transactions with the owner and the owner's other companies: contributions, loans, payments, services;
• employees and sales by state, if any;
• the owners' tax residence and tax numbers for Form 5472 and the CFC pack.

Documents are exchanged electronically. We do not need bank passwords.

Result

• the company's tax classification is confirmed and documented;
• Form 5472 with pro forma 1120, Form 1120 or Form 1065 filed on time and in the required way;
• state annual report and tax paid, company in good standing;
• payroll and sales tax filed without gaps where they apply;
• related-party records ready for IRS review;
• management report and CFC pack for the owner;
• an IRS and state deadline calendar for the next year.

Legal basis and sources

Why Key Solutions

Company

KEY SOLUTIONS AUDIT FIRM LLC, Ukrainian company code 39610085, registered since 30.01.2015.

Roles

US books, IRS forms, payroll, sales tax and state reports are prepared and filed by a US partner accountant; an audit or review requested by a bank or investor is carried out by an independent US audit firm; an authorized officer signs the returns; coordination, control and owner reporting are done by Key Solutions.

Group

We are part of Innova Consulting Group: company formation and US tax by crystal.tax, market entry by innovacg.com.

Contract

Scope, liability and confidentiality are set in a contract before work starts.

Frequently asked questions

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