Form 5472 is an information return. It tells the IRS about money and property that moved between a U.S. company and its foreign owner or other related parties. Since tax years beginning in 2017, a U.S. single-member LLC owned by a non-U.S. person is treated as a corporation for this reporting, so it must file Form 5472 attached to a pro forma Form 1120.
Who has to file
- Foreign-owned single-member LLCs that had at least one reportable transaction with the owner during the year.
- U.S. corporations that are at least 25% foreign-owned, attached to their full Form 1120.
Multi-member LLCs are usually taxed as partnerships and file Form 1065 instead, with their own rules for foreign partners. A single-member LLC owned by a U.S. person reports on the owner's Form 1040 and does not file Form 5472.
What counts as a reportable transaction
More than most owners expect. Common examples:
- Money you put into the LLC, or took out of it.
- Formation, state, registered agent or bank fees you paid from personal funds for the LLC.
- Loans between you and the company, in either direction.
- Payments for services or goods between the LLC and you or another company you own.
Because formation costs alone usually count, almost every foreign-owned LLC has a filing in its first year, even if it never made a sale.
When it is due
For a calendar-year LLC, Form 5472 with the pro forma 1120 is due on April 15 of the following year. Filing Form 7004 by that date extends it to October 15. A deadline that falls on a weekend or federal holiday moves to the next business day. For a foreign-owned single-member LLC, the package is sent by fax or mail; it cannot be e-filed.
The penalty
The penalty is $25,000 per form, per year for a Form 5472 that is late, incomplete or not filed. If it is still missing 90 days after the IRS sends a notice, a further $25,000 can apply for each 30 days after that. That is why owners with missed years should file them as soon as possible, ideally before the IRS makes contact.
What you need to file
- The LLC's name, address, EIN and formation date.
- Your name, address, country of residence and tax ID in your country, if you have one.
- A list of transactions between you and the LLC during the year, with amounts.
- Bank statements for the LLC's U.S. account.
You do not need an SSN or ITIN. The LLC files under its EIN.
Missed years?
File each missing year separately, with a short statement explaining the delay where it applies. Do not wait for the IRS to find them. If you are not sure whether you needed to file, our free Form 5472 checker gives you an answer in a minute.
General information, not tax advice for your situation. Rules and amounts can change; we confirm the details before any filing.