US Tax Calendar for Indian-Owned LLCs and C-Corps (5472, 1120)

A US company does not end at incorporation. The first year is when Indian founders discover that the US has its own calendar, that some filings apply even when the company earned nothing, and that the penalties are counted in thousands of dollars.

This is the calendar I set up for a calendar-year Delaware or Wyoming entity owned from India. Dates shift for weekends, holidays and a different financial year, and every date and amount can change. The US returns are prepared by a US CPA or enrolled agent and signed by the company's officer; the India side sits with your India CA.

January to March: year-end paperwork and Delaware

January is for closing last year's books, because every later filing depends on them. If the company paid US contractors, Form 1099-NEC goes to them and to the IRS by 31 January. Foreign contractors, including an Indian team billing the US company, do not get a 1099; collect a Form W-8BEN or W-8BEN-E from them instead.

A multi-member LLC taxed as a partnership files Form 1065 and issues each member a Schedule K-1 by 15 March. A Delaware corporation files its annual report and pays franchise tax by 1 March. Recalculate that tax under the assumed par value method before paying, because the default method on a large authorised share count can produce a startlingly large bill.

April: the corporate return and Form 5472

A C-Corp files Form 1120 by the 15th day of the fourth month after its year end, which is 15 April for a calendar year. It files even at a loss or with no revenue. Form 7004 gives an automatic six-month extension to file, to 15 October, but not to pay; tax due is still payable by the original date.

Form 5472 travels with the 1120. It applies when a foreign person owns 25% or more of the corporation and reports dealings with that owner and related parties: capital put in, loans, service payments and reimbursements. A foreign-owned single-member LLC is treated as a corporation for this purpose, so it files a pro forma Form 1120 with Form 5472 by the same date, even though it pays no corporate tax.

The penalty for a missing or incomplete Form 5472 is USD 25,000 per form, with more if it stays unfiled after an IRS notice. For a dormant or early-stage company owned from India, this is the most important US date of the year.

June and the state layer

A Delaware LLC pays its flat annual tax, about USD 300, by 1 June. A Wyoming LLC or corporation files its annual report by the first day of its anniversary month, with a small minimum fee, broadly USD 60. Renew the registered agent on time as well; lapses can cost the company its good standing, which banks and payment processors check.

An Indian individual who owns an LLC with US business income may need Form 1040-NR, usually due by 15 June when there are no US wages. A company with staff or an office in another state adds that state's registration and tax returns, and sales tax returns run monthly, quarterly or yearly depending on the state and your volume.

FBAR: whose duty is it?

The FBAR (FinCEN Form 114) reports foreign financial accounts of US persons when their combined balance exceeds USD 10,000 at any time in the year. An Indian founder who is not a US citizen, green card holder or US tax resident is generally not a US person and does not file one for Indian accounts.

The US company is different. A US corporation or LLC is itself a US person for FBAR purposes, so if it holds an account outside the US above the threshold, such as an Indian bank account or a foreign wallet, the company files by 15 April, with an automatic extension to 15 October. India has its own mirror: a resident who holds or signs on foreign accounts reports them in Schedule FA.

BOI: what changed in 2025

In 2024, US companies prepared to report their beneficial owners to FinCEN under the Corporate Transparency Act. In March 2025, FinCEN issued an interim final rule exempting all companies created in the US, and US persons, from BOI reporting. Only entities formed outside the US and registered to do business in a US state remain in scope.

So a Delaware C-Corp or Wyoming LLC owned from India has no BOI filing under the current rule. FinCEN said a final rule would follow, so check once a year, and do not pay anyone to file a BOI report for a US-formed company without asking why.

The India dates that run in parallel

Owning a US company from India adds Indian deadlines next to the US ones, and founders often track one side well and forget the other.

The APR needs the US accounts, so a US year-end that closes late delays the Indian filing. Plan the US bookkeeping with the Indian deadline in mind.

• Form FC through the AD bank when money is first sent, and for each further commitment.
• Annual Performance Report (APR) by 31 December, based on the US company's accounts.
• FLA return by 15 July where an Indian company holds the US entity.
• Schedule FA in each resident owner's income tax return.
• Transfer pricing documentation where an Indian company and its US subsidiary deal with each other.

The one-page calendar

For a calendar-year company, this is the list I keep in front of a founder. Adjust it for your year end and state.

Keep one folder with the formation documents, EIN letter, bank statements and Indian bank acknowledgements. Late filings usually trace back to a missing document, not a missing reminder.

• 31 January: Form 1099-NEC for US contractors.
• 1 March: Delaware annual report and franchise tax for a corporation.
• 15 March: Form 1065 for a multi-member LLC.
• 15 April: Form 1120 with Form 5472, or Form 7004 to extend; FBAR if the company holds foreign accounts.
• 1 June: Delaware LLC annual tax. 15 June: Form 1040-NR where it applies.
• Anniversary month: Wyoming annual report and registered agent renewal.
• 15 July and 31 December: FLA and APR in India.

Frequently asked questions

Does a US company with no revenue still file a tax return?

Yes. A C-Corp files Form 1120 each year, and a foreign-owned single-member LLC files a pro forma Form 1120 with Form 5472, even with no income.

What is the penalty for missing Form 5472?

USD 25,000 per form, with more if it stays unfiled after an IRS notice. It is the most expensive miss on this calendar.

Do I need to file an FBAR as an Indian founder?

Usually not for your Indian accounts, if you are not a US person. The US company may need one if it holds foreign accounts above USD 10,000 in total.

Who prepares and signs the US returns?

A US CPA or enrolled agent usually prepares them and an officer of the company signs. The Indian filings sit with your India CA and your AD bank.

Related guides

• USA company registration from India
• ODI reporting: APR and FLA annual compliance
• Foreign incorporation for Indian founders