What a Complete Form 5472 Filing Contains, Page by Page
Summary
At minimum, two documents: the pro forma Form 1120 and a Form 5472. Most filings add a Part V statement. Late, extended or multi-currency filings add one more page each.
A Form 5472 filing is not one form. It is a small packet, and which pages it has depends on your year. Here is each possible page, what it does, and when you need it.
Always
1. Pro forma Form 1120. The cover return. "Foreign-owned U.S. DE" written across the top, the LLC's name and address, and items B and E completed; every income and tax line blank. The Form 5472 is legally an attachment to this return, so it goes first. The pro forma 1120 page shows one filled in.
2. Form 5472, one for each foreign related party. For most single-owner LLCs, one form, naming you in Parts II and III. If the LLC also dealt with your company abroad, a second form names that company. The field-by-field page covers every part.
Usually
3. Part V statement. A foreign-owned LLC ticks the Part V box and attaches a statement listing its other transactions with the related party: money you put in, fees you paid for it, distributions to you. Almost every year has at least one of these, so almost every filing has this page.
Sometimes
4. Exchange rate schedule. Every amount is in US dollars. If any transaction happened in another currency, attach a short schedule of the rates used.
5. Part VI statement. Only if there were non-cash transactions, such as equipment you gave the LLC.
6. Reasonable cause statement. Only for a late return. It explains why the return was missed and asks the IRS not to assess the penalty. One statement can cover several late years sent together; the penalty abatement letter page covers what it says.
7. Form 7004. Only if you are extending the deadline. It has to reach the IRS by April 15, ahead of the return itself; keep a copy with the filing.
In what order
For one year: the pro forma Form 1120, then each Form 5472, then the statements and schedules that belong to them. For several late years: one complete set per year, oldest first, with the reasonable cause statement at the front of the whole packet.
The finished packet goes to the IRS PIN Unit in Ogden by mail or fax; the where to send page has the details, and the filing checklist lists what to gather before you start.
What FileTax produces
A FileTax package contains the pro forma Form 1120, each Form 5472, the Part V and Part VI statements where your answers call for them, Form 7004 when your filing needs an extension, and a page of sending instructions at the front. The step-by-step guide walks through the whole process screen by screen, from the eligibility check to sending it to the IRS.
It costs $99 per year, $25 per additional related party, and $199 for a CPA-authored reasonable cause letter covering every late year in the job.
Questions about the filing packet
Is Form 5472 filed on its own?
No. It is always attached to a return. For a foreign-owned single-member LLC, that is the pro forma Form 1120.
Do I need the Part V statement if I only put money in?
Yes. A contribution from you is one of the transactions Part V covers, so the box is ticked and the statement lists it.
Can several years share one Form 1120?
No. Each tax year has its own pro forma Form 1120 and its own Forms 5472.
Related pages
Continue reading
Where to Send Form 5472 and the Pro Forma 1120 →
A foreign-owned US LLC sends Form 5472 and its pro forma Form 1120 to the IRS PIN Unit, 1973 Rulon White Blvd, M/S 6112, Ogden, UT 84201, or faxes them to 855-887-7737. Not the ordinary 1120 address.
Form 5472 Instructions for a Foreign-Owned LLC, Part by Part →
A single-member LLC with a foreign owner names the owner in Parts II and III, reports loans and payments for services in Part IV, and ticks Part V with a statement listing money put in and taken out.
Form 5472 Filing Checklist - What You Need Before You Start →
Before starting Form 5472, gather these documents and data points. This checklist walks through everything needed to file correctly the first time.