I'm trying to determine if I need to file form 5472 for our LLC. Do all foreign-owned LLC need to file this form solely based on the fact that there's more than 25% of foreign ownership or there are additional requirements? Another question: does TurboTax Business advise if this form needs to be filed based on the information about the members and their contributions, etc?
Per Form 5472 Instructions, generally, a reporting corporation must file Form 5472 if it had a reportable transaction with a foreign or domestic related party
A reporting corporation is either:
A reportable transaction is:
There are exceptions to reporting see page 1 of Form 5472 Instructions.
Per Form 5472 Instructions, generally, a reporting corporation must file Form 5472 if it had a reportable transaction with a foreign or domestic related party
A reporting corporation is either:
A reportable transaction is:
There are exceptions to reporting see page 1 of Form 5472 Instructions.
@konradatwork wrote:
Does Turbotax Business 2020 not have such a form?
The TurboTax Business Edition does Not support IRS Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business
TurboTax Business Edition Forms - https://turbotax.intuit.com/small-business-taxes/#tax-forms