Grant, Herrmann, Schwartz & Klinger LLP | David Gershel | News & Publications
Established 1946
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Attorneys
David  H. Gershel

PRACTICES

Tax Planning
Tax Compliance
Wealth and Succession Planning

EDUCATION

  • NYU School of Law, LL.M. in Taxation, (2013)
  • Tulane University Law School, J.D., (2012) cum laude
  • Colgate University, B.A. in History, (2009)

ADMISSIONS

New York
New Jersey
David H. Gershel
Associate
CONTACT INFORMATION
Tel: (212) 682-1800
Fax: (212) 682-1850
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  • Single-Member Foreign-Owned LLC Reporting Obligations

    01/03/2018

    The United States Treasury Department and Internal Revenue Service (IRS) issued final regulations in December of 2016 that now subject foreign-owned single-member limited liability companies (LLCs) that are disregarded for U.S. income tax purposes (i.e., LLCs that have not elected to be classified as corporations) to the informational reporting requirements established under Internal Revenue Code (IRC) Section 6038A for 25% foreign-owned United States corporations. The new regulations now generally require foreign-owned single-member LLCs to obtain a U.S. employer identification number (EIN) and annually file a pro forma Form 1120 corporate income tax return together with Form 5472 identifying each 25% or greater direct and ultimate indirect foreign owner. The first filings pursuant to the new regulations will generally be due as early as April 17, 2018, covering tax years starting in 2017. The IRS will assess a penalty of $10,000 for each year the new reporting requirement is not timely satisfied.