Hello Anthony, hello Claudia. We're here to talk about IRS Form 5472 - Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. Okay, that's a lot to say. Yes, and also, we're going to talk at the end about how that's not even true necessarily, right? There's your title right there. If you just, if you actually, we didn't lose you there. Foreign-Owned U.S. Corporation, Foreign Corporation Engaging in U.S. Trade or Business. The form itself is a liar because there's a new regulation that sort of changes or adds on to that. Wow, okay, yeah. So who must fill it out? A 25% foreign-owned U.S. corporation or a foreign corporation engaged in a trade or business within the U.S. And we're going to add to this in a minute, yes, fill it out. Yeah, there's a secret one there, right? Yeah, big consequences. So a separate Form 5472 is filed for each foreign-owned domestic related party. So if there are two or more foreign shareholders who each own 25% or more, then they each have to fill out a Form 5472, or does that really the case? Because with the Form 5471, we're allowed to prepare one and see in reference an attachment or reference the one that was prepared. So only one needs to be prepared. Likely one needs to be filed, but every time they need to be referenced, and usually the safest thing to do, okay, is reference it by including it with your return. And usually, what that return is typically going to be is that you would have a U.S. corporation that has a 1120 obligation that has a Form 5472 as well because it has the foreign ownership. Or if it's an individual,...
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5472 Instructions 2023-2024 Form: What You Should Know
Gov (See Section 1. C here) . If you are working with a U.S. partner, have the partnership file Form 5472 for you. Form 5472 should be filed annually. Form 5472: Instructions, examples, and more Part II; Foreign Related Business — IRS Carry the Form 5472 and report any related transactions or related transactions between a related business and a U.S. individual or foreign corporation. Part III; Foreign Corporation (see Reg info.gov) There is one form that is specifically for foreign corporations (see Reg Info.gov) . If you have more than 50% U.S. owned (see Reg Info.gov) , the form has other requirements. If you have to file a Form 4684, report the related transactions if any.
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