What are the Delinquent International Information Return Submission Procedures?
I missed filing Form 5472 for my foreign-owned LLC but I do not have any unreported income or unpaid tax. My accountant says I might be able to file the late forms without penalty using the Delinquent International Information Return Submission Procedures. How does this work?
Related Questions
What is the statute of limitations for IRS penalties on foreign information returns?
My foreign-owned LLC did not file Form 5472 for 2019, 2020, and 2021. Is there a statute of limitations that might protect me from penalties on the older years? I heard that the statute of limitations...
I discovered the missed filing myself before the IRS contacted me. Should I file the delinquent return now or wait for advice?
I am in Hong Kong and realized my foreign-owned LLC missed an international information filing. The IRS has not contacted me yet. I found the delinquent international information return procedures onl...
Does First Time Abatement apply to Form 5472 or other international penalties?
I heard the IRS has a First Time Abatement policy that removes penalties for first-time offenders. Does this apply to international information return penalties like Form 5472 or Form 5471? I have a c...
What are the penalties for incorrect information returns under IRC 6721 and 6722?
My foreign-owned LLC issues 1099 forms to U.S. contractors. I filed some of them with incorrect TINs and missed the deadline for others. What penalties apply under IRC 6721 and 6722, and are there dif...
Can I use an Offer in Compromise to settle foreign LLC penalties?
My foreign-owned LLC has accumulated over $100,000 in Form 5472 penalties across multiple years. I cannot afford to pay the full amount. Can I submit an Offer in Compromise (OIC) to settle for less? W...
Can I use the streamlined procedures to fix the LLC's missed Form 5472 itself?
I am in the UK and my bigger headache is a missed Form 5472 for an older year. Someone in a founder group told me to just use the IRS streamlined procedures because they worked for missed foreign fili...
How do I write a penalty abatement request letter to the IRS?
I need to write a letter to the IRS requesting abatement of Form 5472 penalties for my foreign-owned LLC. What should the letter include? Is there a specific format the IRS expects? I want to make sur...
What are the penalties under IRC 6651 for filing late or paying late, and how do they apply to foreign LLC owners?
I'm a Nigerian business owner with a Wyoming LLC. I missed the April 15 deadline for filing my Form 5472 and pro forma 1120 last year. I also have some ECI that I owe tax on, and that payment is late ...
Can I set up an installment agreement to pay IRS penalties over time?
I owe $75,000 in Form 5472 penalties and I cannot pay the full amount at once. Does the IRS offer installment agreements for penalty-only balances? What are the terms and how do I apply? Will interest...
Should I dispute the penalty by letter now, or pay first and use Form 843 later?
I keep seeing two different tracks described online. One is to write back to the notice and ask the IRS to reconsider the penalty. The other is to pay and then file Form 843 for a refund or abatement....
Have a similar question?
ForeignLLCTax members get expert answers with IRS citations. One CPA consultation costs $200+. Full access is $9.99/month.
Become a Member — $9.99/moDisclaimer: All content on ForeignLLCTax.com is created by a tax professional and is provided for general educational and informational purposes only. It does not constitute tax, legal, or accounting advice, and should not be relied upon as such. Every tax situation is different — for advice specific to your circumstances, please consult a licensed CPA, Enrolled Agent, or tax attorney. By using this website, purchasing a subscription, or accessing any tools or services, you acknowledge that no client-professional relationship is established between you and ForeignLLCTax.com or its operators. This website is not affiliated with the IRS.

