April 15 Deadline: U.S. Form 5472 for Foreign Owned, Single Member LLC

A limited liability company (LLC) that is created under the laws of a US state and wholly owned by a single non-US person (a foreign-owned LLC) is required to report transactions with its non-US owner and other related parties to the Internal Revenue Service (IRS) on Form 5472, which must be submitted with a pro forma Form 1120. A single-member LLC is a disregarded entity for US tax purposes but, when foreign owned, is treated as a corporation solely for the purposes of the Form 5472 filing obligation. A penalty of $25,000 will be assessed for failure to file Form 5472 when due and in the manner prescribed. Download