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IRS Eliminates Form 5472 Duplicate Filing Requirement - Emil Estafanous, CPA : Emil Estafanous, CPA

IRS Eliminates Form 5472 Duplicate Filing Requirement

On Jun 9, a IRS released proxy and due regulations to mislay a transcribe filing requirement for Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business (T.D. 9529 and REG-101352-11).

Under a stream final regulations, companies that are compulsory to record Form 5472 contingency record with their annual taxation lapse a apart Form 5472 for any associated celebration with that a stating house had any reportable transaction during a taxation year (Regs. Sec. 1.6038A-2(a)(1)). The final regulations also need such companies to record a transcribe Form 5472 with a IRS Service Center in Philadelphia (Regs. Sec. 1.6038A-2(d)).

The IRS has dynamic that advances in electronic estimate and information collection have done a transcribe filing requirement unnecessary. Therefore, a proxy and due regulations discharge a transcribe filing requirement (regardless of either a house files a paper or electronic return).

The IRS cautions that a stating house that does not record a income taxation lapse on time is still compulsory to timely record Form 5472. Because there are now no procedures for electronically filing Form 5472 eccentric of an electronically filed income taxation return, a stating house that does not timely record an income taxation lapse contingency still timely record a paper Form 5472.

Reporting companies that destroy to record Form 5472 by a prescribed deadline might be assessed a chastisement of $10,000 for any taxation year for that such disaster occurs. After 90 days, a IRS can levy an additional $10,000 chastisement for any 30-day duration (or partial of a 30-day period) in that a association fails to yield a information (Sec. 6038A(d)).

The rejecting of a transcribe filing requirement is effective for taxation years finale on or after a announcement of a proxy regulations in a Federal Register.

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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