Who Must File Form 5472? Since almost any movement of money between the LLC and its foreign member is considered a reportable transaction, pretty much all single-member LLCs need to file Form 5472.
When to File? The deadline is on April 15th every year. It’s identical to the deadline for filing form 1120 as it applies to US corporations. An extension until October 15th can be requested, and is generally granted without further questions.
I just opened my LLC at the end of last year, and have not done any businesses yet, do I still have to file Form 5472? The answer is most likely yes. You probably paid to set up the company from your personal bank account. In the eyes of the IRS, the cost for the formation of the company is already a reportable transaction. Therefore, even if you have not done any business in the tax year, you do have to file Form 5472 until April 15th the following year.
Who prepares the Form 5472+1120? We have a team of expert CPAs, specialized in non-resident US LLC cases. We go through all the documentation in detail and prepare all paperwork for filing.
What if I don't file Form 5472? A penalty of $25,000 will be assessed on any reporting corporation that fails to file Form 5472 when due and in the manner prescribed. The penalty also applies for failure to maintain records as required by Regulations section 1.6038A-3.