What is the IRS Form 5472 in Florida?

If you are a U.S. company and have a foreign owner or foreign shareholders, then your company likely needs to file Form 5472.

If you are a U.S. company and have a foreign owner or foreign shareholders, then your company likely needs to file Form 5472.

Who Needs to file Form 5472?

Foreign-owned LLC’s and C-corporations with at least 25% foreign shareholders or partners must file Form 5472 each year with reportable transactions. It is the responsibility of the corporation, not the individual owner or shareholder, to file Form 5472. Business lawyers can assist with the filing of the form.

Additionally, all foreign corporations engaged in trade or business within the United States must file this form annually.

When do I file Form 5472?

Form 5472 should be filed as an attachment to the reporting corporation’s income tax return. If you are a foreign-owned company, you cannot file electronically.

What is a Reportable Transaction for Purposes of Form 5472 in Florida?

The IRS defines a “reportable transaction” as any activity between a foreign owner and a U.S. corporation. There is no limit in value or de minimums threshold to fall within this category. Some examples include sales and rent for which monetary consideration was the sole consideration paid or received.

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If you would like more information or need assistance with determining if you need to file form 5472, or need help with filing, please do not hesitate to contact one of our experienced lawyers at EPGD Business Law. EPGD Business Law is located in beautiful Coral Gables, West Palm Beach and historic Washington D.C. Call us at (786) 837-6787, or contact us through the website to schedule a consultation.

*Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns. Contacting us through our website does not establish an attorney-client relationship.*

Categories: Transactional

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