News: 25% Foreign-owned corps in U.S. who missed filling form 5472
Did you miss filing form 5472 at some point? Normally this means big penalties that are nearly impossible to waive, but finally there is some relief. The IRS sent out a news blast today with some great news for corporations that file form 5472 - they are waiving penalties on late filed international information returns for 2019 and 2020. This is huge for corporations with foreign owners, as many have avoided filing for fear of the $25,000 per form penalty being assessed.
CRYSTAL STRANGER
, EA, INTERNATIONAL TAX DIRECTOR
, GBS TAX & BOOKKEEPING
26 Aug 2022