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Does ProConnect include a form 5472 (info return for foreign-owned corporation)?

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Level 15

Yes for 1120.

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Still an AllStar
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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 

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Level 15

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

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Still an AllStar
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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

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Level 15

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.

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Still an AllStar
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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.

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Level 15

@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.

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Still an AllStar
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Jensen... welcome back.  You've been missed.

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
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Thanks, Anna!  Glad to "see" you online again too. 😊

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Still an AllStar
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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

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Level 15

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.

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Still an AllStar