Rising number of Indian freelancers, digital entrepreneurs forming US companies; compliance risks often overlooked, say experts https://www.taxtmi.com/news?id=71100 Nonresident ownership of US single member LLCs triggers an annual IRS Form 5472 filing obligation with steep per form penalties for non filing; this filing must be submitted by mail or fax. The US FinCEN BOI exemption for domestically formed entities does not remove Form 5472 duties. Indian residents must report and tax worldwide income and may face FEMA and Overseas Direct Investment reporting requirements, so professional cross border tax and FEMA advice is recommended before formation. en-us Wed, 18 Feb 2026 12:16:03 +0530 Wed, 18 Feb 2026 12:16:03 +0530 TaxTMI RSS Generator Rising number of Indian freelancers, digital entrepreneurs forming US companies; compliance risks often overlooked, say experts https://www.taxtmi.com/news?id=71100 Nonresident ownership of US single member LLCs triggers an annual IRS Form 5472 filing obligation with steep per form penalties for non filing; this filing must be submitted by mail or fax. The US FinCEN BOI exemption for domestically formed entities does not remove Form 5472 duties. Indian residents must report and tax worldwide income and may face FEMA and Overseas Direct Investment reporting requirements, so professional cross border tax and FEMA advice is recommended before formation. News - Wed, 18 Feb 2026 12:16:03 +0530 https://www.taxtmi.com/news?id=71100