The most important thing you MUST know about IRS form 5472:
If you don't file the form, or if you file it after the deadline,
you will be subject to a whooping
$25,000 penalty by the IRS!!!
Here is what the law says:
Failing to timely file Form 5472 or maintain proper records results in a $25,000 penalty, with an additional $25,000 penalty for failing to rectify the deficiency within 90 days of IRS notification. Filing a substantially incomplete Form 5472 constitutes a failure to file.
So, what is form 5472?
IRS form 5472 is designed to report foreign ownership of a U.S. company.
Here is what the law says:
Form 5472 is an information return used to fulfill federal reporting obligations under Internal Revenue Code (IRC) sections 6038A and 6038C. A reporting corporation that engages in a monetary or non-monetary reportable transaction with a foreign or domestic related party is required to file Form 5472 with its income tax return.
What is the deadline to file form 5472?
IRS form 5472 Must be filed on or before April 15 of each year for the previous year. If April 15 falls on a weekend or a holiday, the deadline with be pushed back to the next business days. You can submit an extension of time to file form 5472 on or before the original due date, and have the due date be pushed back by 6 months to October 15, of the next business day if October 15 falls on a weekend or holiday.
Where can I find more information on form 5472?
How can you file form 5472?
You can easily file form 5472 online using our simple, user-friendly platform: https://form5472.onine