News from the IRS: Form 5472, Final Regulations
Internal Revenue Bulletin: 2011-30, issued July 25, 2011, sets forth the final regulations for the filing of Form 5472. Information Returns of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U. S. Trade or Business. This form is required to be filed under Sections 6038A or 6038C of the Internal Revenue Code.
Originally this form had to be filed as an attachment to the corporate income tax return as well as filed separately with the IRS. Earlier in 2011 the duplicate filing requirement was temporarily suspended.
The final regulation states the following:
Time for filing returns. A Form 5472 required under this section must be filed with the reporting corporation’s income tax return for the taxable year by the due date (including extensions) of that return.
Untimely filed returns. If a reporting corporation’s income tax return is untimely filed, Form 5472 nonetheless must be timely filed. When the reporting corporation’s income tax return is ultimately filed, a copy of Form 5472 must be attached.
If you are not sure if this regulation affects your business, please contact you Shindel Rock professional for assistance.