This is my LLC's first year filing Form 5472. Does checking the first-year box help with penalties if we make a mistake?
I am in Germany and my Delaware LLC is filing Form 5472 for the first time. I noticed the instructions mention a line asking whether this is the first year the reporting corporation has filed the form. Since it is our first year, I am wondering whether that box is just informational or whether it also helps if the IRS later considers penalty relief.
We are trying to get everything right, but I know first-year filings are where a lot of people trip up.
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