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

kbishop
Level 2
 
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15 Replies 15
itonewbie
Level 15

Yes for 1120.

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kbishop
Level 2

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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itonewbie
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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kbishop
Level 2

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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itonewbie
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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ElisaM
Level 1

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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itonewbie
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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abctax55
Level 15

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

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


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itonewbie
Level 15

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

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ElisaM
Level 1

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

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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odiazcpa
Level 1

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 

 

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sjrcpa
Level 15

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


ex-AllStar
odiazcpa
Level 1

yes, shareholders

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phan1
Level 1

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? 

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