If I missed Form 5472 two years ago, is the problem only the penalty or is the year still open too?
I am in Australia and my Delaware LLC missed a Form 5472 filing for an earlier year because I did not understand owner-paid expenses counted as reportable transactions. I was mentally treating the issue as just a possible $25,000 penalty.
Now my adviser is telling me the statute of limitations discussion can also change when required international information returns were missing. I want to know whether that is a real concern or just theoretical tax-law language.
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