My LLC had transactions with me personally and with my Hong Kong company. Is one Form 5472 enough?
I own a Delaware LLC personally from the UAE, but I also have a Hong Kong company that provided development and admin support to the LLC during the year. The LLC received funding from me as the owner and separately paid invoices to the Hong Kong company. My accountant's worksheet only has one Form 5472 draft, which made me wonder whether the filing is being oversimplified.
I am trying to understand the IRS rule here. Is Form 5472 one form per LLC per year, or one form per related party when separate related parties had reportable transactions? I want to catch this before the return is filed because it seems like the type of issue that turns into an expensive notice later.
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