If you’re running a U.S. company—especially as a non-resident founder—it can be hard to know what kind of accounting support you actually need. Do you need bookkeeping? Just tax filing? What about a CPA or payroll setup? With so many platforms and services offering bundled plans or upsells, many founders end up paying for services they don’t need, or worse, skipping over the ones that matter.
This guide breaks down the essential accounting services for foreign-owned U.S. businesses, so you can make smart, cost-effective decisions based on your business stage and goals.
First: Know What Kind of Business You’re Running
Your tax obligations depend heavily on your business structure. If you’re not sure whether you have an LLC or a C-Corp, start by checking your formation documents or EIN confirmation letter. You should also know whether your company is a single-member LLC, a multi-member LLC, or a C-Corporation. Each of these has different requirements.
- Single-Member LLCs need to file Form 5472 and a pro forma 1120.
- Multi-Member LLCs need to file Form 1065 and issue K-1s.
- C-Corps must file Form 1120, and if foreign-owned, also Form 5472.
Once you know what type of business you’re running, it’s much easier to decide which services you actually need.
Do You Need Bookkeeping?
Bookkeeping is how you keep your business finances organized—tracking revenue, expenses, and cash flow. It's helpful, but not always necessary if your business is early stage or has very few transactions.
For example, if your company didn’t spend or earn much and you already keep things organized through Stripe or PayPal, you might be able to skip formal bookkeeping. But once your business sees regular activity, or you're planning to raise money or make financial decisions based on your numbers, it's a smart investment.
At Bookmate, bookkeeping is always optional. We offer it starting at $150/month for those who need it, but we’ll never require it just to access our tax filing services.
Do You Need Tax Filing Services?
Yes—every U.S. company is required to file taxes every year, even if it made no income. The specific forms depend on your structure, but this is not optional. Failing to file can result in steep IRS penalties (like the $25,000 penalty for skipping Form 5472).
Some founders try to file their federal taxes themselves using software like TurboTax or H&R Block. However, these tools often don’t support forms needed for non-resident owners or foreign-owned companies.
For example, Form 5472 is required for foreign-owned LLCs and C-Corps. Form 1120 applies to corporations. Form 1065 is for multi-member LLCs. And in some cases, Form 1040-NR is required for nonresident individuals.
Bookmate specializes in these forms and works with hundreds of international founders every year.
Do You Need a CPA or Just a Filing Platform?
There are plenty of automated platforms that promise to file your taxes for a flat fee. But most don’t offer actual CPA support unless you’re on an expensive plan—and if your situation is even slightly non-standard (e.g., foreign ownership, multi-member structure, etc.), automation won’t catch the nuances.
Here’s when you need real CPA guidance:
- You’re unsure what entity structure you have
- You had complex transfers or capital contributions
- You’re filing Form 5472 or pro forma 1120
- You’ve received IRS notices or penalties in the past
Bookmate includes unlimited CPA access in all tax filing packages. We don’t upsell access to real professionals—it’s part of the service.
Do You Need Payroll?
If you have a C-Corporation, yes—you’ll need to be on payroll to pay yourself legally. Unlike an LLC, you can’t just move money from the business bank account to your personal account. The IRS requires that shareholders who work in the company be treated as employees. That means running payroll, withholding taxes, and issuing W-2s.
For LLCs, it's much simpler. You can take distributions (also called draws) without needing to run payroll, as long as you track them and reflect them properly in your tax filings.
If you're unsure what type of entity you have or how to pay yourself the right way, we’ll help you figure that out in your consultation.
What Does a Typical Year Look Like?
Here’s a basic outline of what to expect throughout the calendar year:
January–February: This is the time to start collecting all your financial records from the previous year—bank statements, Stripe or PayPal summaries, receipts, and bookkeeping reports. It’s also when you’ll want to confirm any changes in ownership or company structure.
March 1: If you have a Delaware C-Corp, your Delaware Franchise Tax and annual report are due by this date. This filing confirms your corporation’s details with the state and pays a required tax fee (usually a minimum of $400).
March 15: This is the federal tax filing deadline for multi-member LLCs filing Form 1065. If you can’t file by this date, you should request an extension using IRS Form 7004.
April 15: This is the deadline for C-Corporations and foreign-owned single-member LLCs filing Form 1120 and Form 5472. This is also the deadline to file Form 1040-NR if you personally earned U.S. income.
June 1: If you have a Delaware LLC, the Delaware franchise tax is due on this date. The fee is flat—typically $300—and paid directly to the state.
Company formation date (Wyoming): Wyoming companies owe an annual report and license tax on the anniversary of their formation date. Mark your calendar so you don’t miss it.
If you’re not ready to file by the original deadlines, you can use IRS Form 7004 to request a six-month extension for your federal returns. This gives you until September 15 (for partnerships) or October 15 (for C-Corps and single-member LLCs).
Keep in mind that state-level tax obligations, like Delaware and Wyoming franchise taxes, cannot be extended—these are hard deadlines and must be met annually, regardless of whether you've filed your federal return.
When to Consider In-House Bookkeeping or CFO Support
Most startups don’t need in-house accounting early on, but as your business grows, it’s worth considering. If your expenses and revenue are increasing rapidly, or you're managing multiple accounts, currencies, or vendors, it might be time to bring bookkeeping in-house.
Having someone on your team ensures more frequent visibility into your financials, especially useful for investor updates, cash flow planning, and hiring decisions.
In-house bookkeeping makes the most sense when:
- You're processing large volumes of transactions monthly
- You're getting ready to raise funding or onboard more employees
- You want full control over your financial reports and tools
Similarly, some founders may consider outsourced CFO services. A fractional CFO can help with budgeting, forecasting, fundraising support, and preparing investor-ready financials—without hiring a full-time finance executive. These services are especially useful during periods of growth, capital raises, or major expansions.
If you’re unsure when to bring these services in, our team at Bookmate is happy to walk you through what’s appropriate based on your size, goals, and operations.
What Services Does Bookmate Offer?
We work with both U.S.-based and international founders and specialize in helping foreign-owned companies meet IRS obligations.
Here’s how working with Bookmate works:
- Free consultation over Zoom – We learn about your company structure, goals, and financials.
- Engagement letter and invoice – If you’re ready to move forward, we send this to get started.
- Web form intake – You fill out a secure form with all necessary details.
- We prepare your forms – We handle everything from 5472 to 1120, 1065, and more.
- We file for you – Whether it’s e-filing, mailing, or faxing to the IRS, we take care of it. If you get a notice later, we help respond.
It’s all 100% remote and built around simplicity.
Still Not Sure What You Need?
That’s okay. Book a free consultation and we’ll walk you through exactly what your obligations are—and what services make the most sense for your situation. No upsells. No pressure. Just honest guidance.
Book your free consultation or learn more at trybookmate.co.
Disclaimer: This article is for educational purposes only. Each business situation is unique. Please speak with a qualified professional before making tax decisions.
