10 Common Mistakes When Filing Form 5472

10 Common Mistakes When Filing Form 5472

Form 5472 is simple on paper but easy to get wrong. Here are the mistakes we see most often.

The top mistakes

1. Filing Form 5472 without the pro forma Form 1120.
2. Using an outdated form year.
3. Leaving the EIN line blank or incorrect.
4. Missing reportable transactions like owner reimbursements.
5. Confusing related-party categories in Part V.
6. Forgetting to sign the return.
7. Mailing to the wrong IRS address.
8. Missing the deadline and assuming no activity means no filing.
9. Using inconsistent LLC names across forms.
10. Skipping extensions when you need extra time.

One missed filing can lead to a $25,000 penalty. Small details matter.

How to avoid them

• Use a system that generates Form 5472 and the pro forma 1120 together.
• Keep a transaction log so you can categorize activity confidently.
• Build a reminder calendar for the IRS deadline and any extensions.

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