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No-fluff Form 5472 guides.

Written for founders who don't have time to read the IRS instructions. If you can read these in a coffee break, we've done our job.

Key terms, defined

Form 5472
Form 5472 is the IRS information return that a US corporation or US LLC must file when it is at least 25% foreign-owned and had a reportable transaction with a related party during the year. For foreign-owned US single-member LLCs (which are treated as disregarded entities), it is filed annually as an attachment to a pro forma Form 1120. The penalty for failure to file is $25,000 per form, per year (IRS, IRC §6038A).
Pro forma Form 1120
A pro forma Form 1120 is a mostly-blank US corporate tax return that serves as the cover sheet for Form 5472. Foreign-owned disregarded LLCs cannot file Form 5472 on its own — the IRS requires it to be attached to a Form 1120, even when the LLC has no income (IRS, Form 5472 instructions).
Disregarded entity
A disregarded entity is a US business that the IRS treats as separate from its owner only for liability purposes, not for tax. A single-member LLC owned by a foreign person is a disregarded entity by default — its income flows to the owner as a foreign person, but the LLC still has its own US filing obligations, most notably Form 5472.
DIIRSP
DIIRSP — the Delinquent International Information Return Submission Procedure — is the IRS's published catch-up path for foreign-owned LLCs and others to file missed Form 5472 and related international information returns without penalty, provided a reasonable-cause statement is attached and the IRS has not yet contacted the filer about the missing returns (IRS).
IRC §6038A
Internal Revenue Code §6038A is the statutory authority that requires foreign-owned US corporations (and, by regulation, disregarded LLCs) to maintain records and file Form 5472 each year. Subsection (d) sets the $25,000 per-form penalty for failure to file or to maintain records.

Statutory references are general statements of the rule. Verify your specific situation against current IRS guidance.

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