Tax
Pro forma return
A pro forma return is a tax form filed to satisfy a procedural requirement rather than to report tax liability. Foreign-owned single-member LLCs file a pro forma Form 1120, completing only identifying information, so that Form 5472 can be attached to it.
In plain terms: A mostly-blank form filed so another form has somewhere to go.
Why it matters
Knowing this exists prevents two errors: paying a preparer to complete a full corporate return that is not required, and assuming that because no income is reported, nothing needs filing.
Read the full guideUS business taxes