Form 5472
In accounting, form 5472 means the IRS information return a US corporation that is 25% or more foreign-owned at any time in the year — or a US disregarded entity wholly owned by a foreign person — attaches to its income tax return to report transactions with related foreign parties. $25,000 penalty for each failure to file, and $25,000 more for each 30 days it continues past 90 days after IRS notice.
Authority: IRS — Instructions for Form 5472 (opens in a new tab). Sources
The lessons that teach this
From the free founder back-office course, taught on one company's books, with exercises to work it yourself.
For founders
The same idea written for a founder: what it costs a startup that ignores it, and what to do in a real month.
What it is not called
Each of these means something else. Use one here and an accountant reading the product notices.
- FBAR
- Form 5471 (US owners of foreign corporations)
Components that render the terms it depends on
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Also in Entity & compliance
Defined in Lexicon. This page is generated from that document, so the two can't disagree.