Pro forma Form 1120
A near-blank Form 1120 filed by foreign-owned single-member LLCs as the filing vehicle for Form 5472.
Definition
Pro forma Form 1120 is a Form 1120 filed by foreign-owned single-member US LLCs that are treated as disregarded entities. The form is mostly blank (no income tax computation) and exists solely to provide a vehicle for the attached Form 5472. Required by Treas. Reg. § 1.6038A-1(c).
Context
Pro forma Form 1120 is filed annually with Form 5472 by April 15. Filing Form 5472 alone without the pro forma Form 1120 is not compliant.
Example
A Bangladeshi founder's single-member Delaware LLC files Form 5472 + pro forma Form 1120 each April 15. The pro forma Form 1120 has the LLC's name, EIN, address, and tax year. Most income/deduction lines are blank or marked N/A.
Common pitfalls
- Treating the pro forma Form 1120 as a full corporate return is wrong; it is a different filing.
- CPA fees for Form 5472 + pro forma Form 1120 typically run $200-$500 per year.