NY Form 5472 2023-2025

NY Form 5472: What You Should Know

US-owned companies can claim the foreign taxes as a credit. However: 25% is required by law. Form 5472 is more flexible. A company can file a more detailed return and/or file the 25% report on their tax return. Some of the most common reasons for filing Form 5472: • a foreign interest in the U.S. • a foreign interest in property of more than US10,000 and not more than US50,000 • an interest in property that is subject to US withholding tax • U.S.-owned foreign companies with a balance of greater than 75% share of the value of all assets that are wholly owned by the US, excluding a few limited partnerships.  For businesses that report their income in multiple currencies, Form 5472 is also the way to report the foreign tax credit. The Sheppard · 2017 — [This post was last updated June 17, 2025 – we're reposting it. ] Form 5472 has many options for businesses, for example: 1. Form 5472-EZ — A Corporate Reporting Entity Form 5472-EZ is a Form to be used by companies that are engaged or are under contract for providing services to the US or other U.S. Government agencies. It also is used by US companies engaged in sales and distribution services to the other side of the border—to report and collect US sales, royalty, and use taxes under the rules in the Foreign Sales and Use Tax Agreement. Form 5472-EZ must provide information on foreign corporation's foreign owners, property, income and taxes. Here is an example of how Form 5472-EZ is used. In a sales and use tax agreement, the US company receives services from a foreign company, and the foreign company pays the US company for those services with US currency. The US company, on the other hand, has to account to the foreign subsidiary for that service. What the US company has to do is to report on the Form 5472-EZ the US sales tax on all amounts received and/or paid, plus the US corporation's US tax (on amounts received) plus a percentage of these amounts to the foreign subsidiary.

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