If your business was organised in the U.S. and has a foreign owner, you are required to file 5472.
U.S. corporations possessing 25% or greater foreign ownership and foreign corporations engaged in U.S. business or trade must submit IRS Form 5472.
A $25,000 penalty will be imposed on any reporting corporation that neglects to submit Form 5472.
Form 5472 is due at the same time as your corporation's income tax return (Form 1120 - 16 October 2023).
You are required to file 5472, if:
The inkle pricing for
Form 5472
is
above
$
100
per >25% foreign shareholder
and
$
.
Form 5472 is needed for specific reportable transactions, not all foreign-related ones. Consult IRS guidelines or Inkle to determine what to report.
Form 5471 is filed by U.S. taxpayers, while Form 5472 is for foreign corporations in U.S. business or U.S. corporations with 25% foreign ownership.
Yes, IRS permits electronic filing using the Electronic Tax Administration system, offering convenience and extended deadlines.
Some specific exceptions and exemptions exist for certain types of transactions and entities. For example, certain de minimis transactions may be exempt from reporting.
Required if US corporation did any reportable transactions at any time during tax year AND has any 25%+ foreign shareholder. See here https://www.irs.gov/instructions/i5472
