Foreign Baker and this is just a quick snippet from the last AMA call that we did and we do these calls every Thursday um and you can join for free and ask your questions and I'll answer them every Thursday join the telegram or the Discord group and the link below and I will see you there thanks for watching the video and uh like subscribe see you later and I think I think I'm just streaming and Reporting everywhere is working fine um the next question how to complete form 5472 for foreign own single member LLC um okay here's how you complete form 5472 for 40 known single member LLC and I don't even have to do um too much crazy stuff here I want to do a quick overview first you get form 1120. and it's a pro form of form 1120. let me get myself out the way so you get IRS Form 1120 you have this um stamp at the top four known usde you just have to fill out the top section and then attach to this form you get the form five four seven two you get five four you you look up form okay five four seven two let me get this five four seven two and then you complete this form and then you attach it to the back of the Form 1120 you put the stamp at the top you fill out the basic information you sign it you leave the rest of this form blank I mean the rest of the for me the other pages and then you fill out this form the form 5472 you report your related party transactions um you know put your tax year name of your company you fill out this information...
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How to prepare Form 5472
About Form 5472
Form 5472 is a reporting requirement imposed by the Internal Revenue Service (IRS) for foreign-owned disregarded entities or partnerships that have transactions with related parties in the United States. It is used to disclose information about these transactions, specifically those that have a potential impact on the income, deductions, and credits of the foreign-owned entity. Any foreign-owned disregarded entity or partnership that has reportable transactions with related parties based in the United States is required to file Form 5472. A foreign-owned disregarded entity refers to an entity that is not classified as a corporation for US tax purposes but is directly owned by a foreign person or entity. Similarly, a foreign-owned partnership is a partnership that is considered foreign for US tax purposes, and at least one of its partners is a foreign person or entity. Form 5472 is used to report and provide important information regarding the details of the reportable transactions conducted by these foreign-owned entities, including the nature, value, and other relevant data. It helps the IRS identify any potential transfer pricing issues, and ensures compliance with US tax regulations, especially in cases where related party transactions might require further scrutiny. Filing Form 5472 provides the IRS with transparency about the economic activities of the foreign-owned disregarded entities or partnerships, aiming to prevent tax evasion or manipulation of income by shifting it to related parties. By obtaining this information, the IRS can accurately assess the income and taxes owed by these entities and ensure fair taxation.
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