Accounting and financial reporting in America (USA) on outsourcing

Maintaining Accounting Records and Timely Financial Reporting are Key to the Successful Operation of Any U.S. Company. U.S. tax law sets clear and often complex requirements for keeping financial documents, filing tax returns, and preparing reports according to GAAP (Generally Accepted Accounting Principles) or, in some cases, IFRS (International Financial Reporting Standards).

Regardless of the company’s size — whether a startup, LLC, or corporation (C-Corp or S-Corp) — well-organized accounting is not only a matter of tax compliance but also a guarantee of trust for investors, partners, and regulators.

What Does Accounting Include in the U.S.?

Accounting in American companies covers a wide range of tasks:

• Recording income and expenses,
• Preparing financial statements (balance sheet, income statement, cash flow statement),
• Calculating and paying taxes,
• Managing payroll,
• Ensuring compliance with IRS, SEC, or other regulatory requirements.

For companies registered in the U.S., it is extremely important to follow principles of transparency, accuracy, and timely reporting — not only because the law requires it, but also because it forms the foundation for stable business growth.

Depending on the type of organization (LLC, Corporation), U.S. companies are required to submit annual reports, including:

• Federal Tax Return — the main report submitted to the IRS.
• Financial Statements for Internal Use or Investor Reporting.
• Personal Tax Returns of Members or Partners.
• State filings — Annual Report or Statement of Information.
• Payroll Reports and Forms (W-2/W-3, 1099) — required if the company has employees or contractors.

Single-Member LLC

A company with a single member, especially if the owner is a non-U.S. resident, must report both at the company level and at the individual level:

• The company’s financial results are automatically attributed to the owner and reflected in their personal tax return.
• If the owner does not reside in the U.S., additional filings related to the activities of foreign individuals in the U.S. are required.
• Personal expenses must be clearly separated from business expenses to avoid adjustments or penalties from tax authorities.

The Following Forms Must Be Filed:

• Form 1120 — Corporate Income Tax Return (due April 15, or extended to October 15).
• Form 5472 — Report of Transactions with a Foreign Owner (filed together with Form 1120). This form is required even for “Dormant” companies if there is a foreign owner.
• Form 1040NR is the personal tax return for non-residents. The filing deadline is June 15 if the non-resident had no U.S. tax withholding obligation, or April 15 if there was such an obligation.
  
  

Multi-Member LLC

For companies with multiple members, reporting becomes more complex due to profit allocation:

• Each partner reports their share of income separately, according to their ownership percentage.
• The company must prepare a partnership report that reflects all internal calculations, distributions, and obligations.
• If there are nonresident members, it is important to correctly apply tax rules related to foreign withholding.
• It is crucial to determine whether the company has Effectively Connected Income (ECI) from U.S. sources.
• Such companies are often required to report transactions with foreign-related parties, which involves filing specific forms such as Form 5472.
  
  

Required Forms:

• Form 1065 — Partnership Tax Return (due March 15, or September 15 with an extension).
• Form 8804 / 8805 — used for withholding taxes on a foreign partner’s share of income.
• Schedule K-1 — reports each partner’s share of income (provided to partners for inclusion in their personal tax returns).
• Form 1040NR — filed individually by each foreign partner (due June 15, or April 15 if applicable).
  
  

C-Corporation: The Classic American Corporation

A corporation is a separate legal and tax entity with the following characteristics:

• The company’s profit is not automatically distributed to shareholders and is subject to corporate-level taxation.
• Dividends paid to investors are reported on their personal tax returns.
• Transactions between the company and foreign shareholders may be classified as related-party transactions, requiring detailed accounting and the filing of appropriate documentation.
  
  

Required Forms:

• Form 1120 — Corporate Income Tax Return. Due April 15 if the company operates on a calendar year, or the 15th day of the fourth month after the end of the fiscal year if a fiscal year is chosen. Filing can be extended to October 15.
• Form 5472 — Required for transactions with related foreign parties. Filed together with Form 1120.
• Form 1042 / 1042-S — Required if the company paid dividends to nonresidents (annually by March 15).
  
  

Additional Reports and Deadlines for All Company Types:

• Form 941 (quarterly) — if the company has employees (payroll reporting). Due dates: April 30, July 31, October 31, January 31.
• Form W-2 / W-3 — annual payroll reporting (due January 31).
• Form 1099-NEC / 1096 — if payments were made to independent contractors or foreign individuals (due January 31).
  
  

Why It Is Important to Delegate Accounting to Professionals

Accounting mistakes or non-compliance can lead to tax audits, fines, or even blocking bank accounts. If a company fails to file required reports on time, even with no profit, penalties can range from $25 to $25,000 for each violation.

Our team helps identify which forms are required in each specific case, prepares the documents, and submits reports on time — taking into account the owners’ status, the type of company, and the business activity.

Professional Accounting Support from Campio Group Includes:

• Accounting for LLCs, C-Corps, and S-Corps — considering owner status (Residents/Non-Residents)
• Preparation and filing of tax forms: 1120, 5472, 1065, 8804/8805, 1040NR, K-1, W-8BEN, and others.
• Sales Tax — state registration, automation, monthly/quarterly reporting.
• Payroll Reporting — payroll calculation, taxes, forms W-2, W-3, 941, 1099-NEC.
• Reporting for Foreign Owners — compliance with international tax treaties and reporting for nonresidents.
• Tax Planning and Optimization — helping to avoid double taxation.
• FBAR, FATCA, Banking Reports — reporting of foreign accounts and assets.
• Preparation of annual financial statements (Balance Sheet, P&L) — for internal needs, investors, or banks.
• Constant deadline monitoring - we remind clients and file reports on time.
  
  

Planning to start a business in the U.S. or looking for a reliable accounting partner? Our team will help you organize financial records in full compliance with U.S. law and ensure safe and accurate tax reporting — tailored to your business needs.