Max W Posted January 18, 2017 Report Posted January 18, 2017 Client is a C-corp owned 50/50 by two foreign individuals. If there is ownership by a foreign individual of more than 25%, form 5472 has to be filed. The corp started in 2015, ran up about $200K in expenses and had no income. 2016 it was inactive, zere income, zero expense. Client wants to file returns to close out corp. Is there any out for them for form 5472, which has to be timely filed, or be subject to huge penalties? IMO, whoever set up the corp should have advised them on this, because as foreigners they needed to get a Reference ID Number. Any ideas? Quote
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