kbishop
Level 2
This widget could not be displayed.
 
Labels (1)
0 Cheers
itonewbie
Level 15
This widget could not be displayed.

Yes for 1120.

---------------------------------------------------------------------------------
Still an AllStar
kbishop
Level 2
This widget could not be displayed.

I'm not finding it, this is just a preliminary return so I don't have all the details entered but I put it in as a business return and I'm still not seeing 5472 show up. 

Am I missing something or do I need to go through the entire 1120S to get it to appear?

 

thanks 

0 Cheers
itonewbie
Level 15
This widget could not be displayed.

Sorry I got you confused.  There's no F.5472 for 1102S.  In the first place, S-corp cannot have nonresident aliens as shareholders.

---------------------------------------------------------------------------------
Still an AllStar
kbishop
Level 2
This widget could not be displayed.

I think you've hit on the issue. I'm working with a foreign owned single member LLC so my little brain jumped to 1120S instead of 1120

0 Cheers
itonewbie
Level 15
This widget could not be displayed.

SMLLC owned by a nonresident alien is a disregarded entity.  You do, however, need to file a F.5472 with a proforma F.1120, not F.1120S.

---------------------------------------------------------------------------------
Still an AllStar
ElisaM
Level 1
This widget could not be displayed.

Do you have to attach the 5472 still or is it being transmitted with the tax return.  I don't want to miss that it is a $20K penalty.

0 Cheers
itonewbie
Level 15
This widget could not be displayed.

@ElisaM The proforma F.1120 and F.5472 cannot be e-filed.  These forms must be filed on paper or by fax.  You should refer to F.5472 for the special filing instructions.

---------------------------------------------------------------------------------
Still an AllStar
abctax55
Level 15
This widget could not be displayed.

Jensen... welcome back.  You've been missed.

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


If a post answers your question, click on *Accept as solution* for future searches
itonewbie
Level 15
This widget could not be displayed.

Thanks, Anna!  Glad to "see" you online again too. 😊

---------------------------------------------------------------------------------
Still an AllStar
0 Cheers
ElisaM
Level 1
This widget could not be displayed.

Hello.

I chatted with PTO and the Form 5472 is transmitted with the 1120 so there is nothing extra to do as far as mailing in a paper copy or attaching as a special document. 

Thank you for your responses!

Elisa

itonewbie
Level 15
This widget could not be displayed.

For regular C-corp returns, yes, that's what's expected.  However, what you are filing (given the limited info you have) are proforma F.1120 and F.5472 for a foreign owned domestic disregarded entity.  Reporting and notating for the proforma returns should, therefore, be done in accordance with the final regulations published in 2017 and reflected in the filing instructions referred to in my previous post.  Doing otherwise may confuse the IRS and trigger unnecessary notices.

---------------------------------------------------------------------------------
Still an AllStar
odiazcpa
Level 1
This widget could not be displayed.

Hello 

I need help  I have a client in Chile he opened an 1120 in the US this Corporation has two partner.

I am filing an 1120 with the 5472 form attached.  Is this correct 

 

0 Cheers
sjrcpa
Level 15
This widget could not be displayed.

Corporations don't have partners. They have shareholders. First clarify if you have a corporation or a partnership.


ex-AllStar
odiazcpa
Level 1
This widget could not be displayed.

yes, shareholders

0 Cheers
phan1
Level 1
This widget could not be displayed.

I am filing consolidated  Form 5472 and need to include the statements of all entities in Consolidating Form 5472. Do you know how to generate statements in Lacerte? 

0 Cheers