Annual LLC maintenance: IRS, state and banking control

A serious LLC is maintained, not forgotten: Form 1120/5472, Registered Agent, state reports where applicable, BOI scope review, books and banking evidence.

An LLC with no US internal operations usually has 3 fixed annual layers —state, IRS and Registered Agent— plus BOI/FinCEN review only if it falls within current scope.

Forming an LLC is just the first step. To keep your company active, in good standing, and compliant, there are annual obligations you must meet. The good news: at Exentax we handle absolutely everything as part of the annual maintenance plan. You focus on your business and we handle compliance.

But it's important you understand what gets done and when.

What is Good Standing?

Good Standing is the status confirming your LLC meets all its obligations with the state. Think of it as your company's "driver's license". lose it and you can't operate.

Without Good Standing:

• You can't open new bank accounts
• Mercury, Stripe, and other processors may suspend your account
• The state can administratively dissolve your LLC
• You lose the asset protection the LLC provides
• Large clients may refuse to work with you

Annual obligations by state

New Mexico

• Annual Report: Not required (yes, you read that right: zero state filings)
• Annual state fee: none
• Result: The simplest maintenance of the three states. That's why it's our favorite

Wyoming

• Annual Report: Yes, every year on the anniversary date of the LLC
• Annual fee: standard annual fee (higher if reported Wyoming assets are large)
• Deadline: 60 days before the formation anniversary

Delaware

• Annual Report: Yes, every year
• Annual fee: flat franchise tax for LLC
• Deadline: June 1 each year

Federal tax obligations (apply to all states)

Regardless of where you form your LLC, these obligations are the same:

Form 5472 + Form 1120 (annual <a href="https://www.irs.gov" target="_blank" rel="noopener">IRS</a> filing)

If your LLC has a foreign owner (non-resident), you must file Form 5472 (informational) together with a Form 1120 pro-forma every year. It's mandatory even if your LLC had no income.

Important reminder: a foreign-owned disregarded LLC may have no substantive US federal tax when the facts fit. These forms are purely informational — the IRS wants to know what transactions occurred between you and your LLC, but doesn't charge you anything. Pass-through taxation in its purest form.

• Original deadline: April 15
• With extension (Form 7004): October 15
• Penalty for non-filing: $25,000 per form per year (IRC §6038A) With Exentax, the deadline is tied to a responsible person, a record and a practical action.

FBAR (<a href="https://www.fincen.gov" target="_blank" rel="noopener">FinCEN</a> Form 114)

If the combined balance of your US financial accounts exceeds $10,000 at any point during the year, you must file the FBAR.

• Deadline: April 15 (automatic extension to October 15)

BOI Report (FinCEN)

The Beneficial Ownership Information Report must be kept current. Any changes must be reported within 30 days.

• Penalty if actually in scope: civil and criminal exposure can apply to foreign reporting companies that ignore BOI deadlines. Exentax records the decision so the next conversation starts from evidence, not memory.

Complete annual maintenance calendar

Total annual maintenance cost comparison

At Exentax, the annual maintenance plan covers everything above. Zero surprises, zero extras, zero "oh, that wasn't included." One closed annual quote and we handle every filing, every form, and every deadline.

What happens if you skip maintenance?

Let's be direct: if you ignore your LLC maintenance, the consequences are real:

1. Loss of Good Standing: your LLC shows as "Not in Good Standing" in state records
2. Mercury may freeze your account: financial institutions periodically verify LLC status
3. IRS penalties of $25,000/year for not filing Form 5472. Exentax brings method to the file: context, proof, execution and review.
4. FinCEN scope risk if the BOI position is not reviewed after a structural or ownership change.
5. Administrative dissolution: the state can dissolve your LLC if non-compliance continues
6. Loss of asset protection: if your LLC isn't active, your personal assets are exposed

It's not worth the risk. Annual maintenance is a small investment compared to what it protects and saves you.

Monthly maintenance routine (15 minutes)

You don't need to wait until year-end to keep things in order. A simple monthly routine prevents problems:

1. Download Mercury statement: archive in Google Drive (2 min)
2. Update expense log: categorize any new business expenses (3 min)
3. Record Owner's Draws: document any distributions made (2 min)
4. Check LLC status: verify Good Standing online (1 min)
5. File new invoices: organize sent and received invoices (3 min)
6. Review Wise conversions: record FX transactions (1 min)

Total: 15 minutes per month. This routine ensures that when tax season arrives, your records are complete and organized. At Exentax, we review these records as part of annual filing preparation.

What happens during annual filing

Here's what Exentax does during the annual filing cycle:

1. January-February: We request your transaction summary for the prior year
2. March: We decide whether Form 7004 is needed and, when it is, file it before the original deadline with evidence
3. April-May: We compile all reportable transactions for Form 5472
4. June-August: We prepare Form 5472 + Form 1120 pro-forma
5. September-October: We file the returns with the IRS and confirm receipt
6. October: We file FBAR if applicable
7. Year-round: We review BOI/FinCEN scope when ownership, address or documentation changes and renew Registered Agent

You receive confirmation at each step. No surprises, no missed deadlines.

FAQ on Annual LLC maintenance: IRS, state and banking control

What happens if I don't use my LLC for a year?

You still need to maintain it. Form 5472 + 1120 must be filed even with zero income. Registered Agent must remain active. BOI Report must stay current. If you don't plan to use the LLC, consider dissolving it properly rather than letting it lapse.

Can I change my LLC's state after formation?

Yes, through a process called "domestication" or by forming a new LLC in the target state and dissolving the old one. This is uncommon but possible if circumstances change.

How do I know if my LLC is in Good Standing?

Most states have an online lookup tool. Search for your LLC by name on the Secretary of State website. At Exentax, we monitor this for all our clients.

If an annual obligation is late, Exentax reviews the state status, IRS layer, Registered Agent calendar and available correction route before you send anything. <a href="/en/book">Book a strategic review</a> if you need to recover the file without guessing.

> <a href="/en/book">Review my structure</a>

• Annual maintenance depends on monthly discipline. If bank records, invoices, owner draws and provider statements are collected throughout the year, the annual filing is a controlled process.
• The calendar should include banking tasks. Export statements, confirm balances, review account access and update provider data before tax season, not during the filing rush.
• A single provider failure should not stop compliance. Backup access and documented records protect the LLC if an account is reviewed or closed.
• Exentax runs maintenance as a file review. Registered Agent, address, IRS obligations, banking evidence and required actions are checked together.

Why annual LLC maintenance is best calendarised

Annual maintenance for an LLC works best when it sits on a fixed calendar rather than on memory. Three dates carry most of the load: the state-level renewal, the federal information cycle and the bookkeeping close. Once those three dates are written down at the start of the year and tied to a single working folder, the rhythm becomes routine and unpleasant surprises become rare.