Companies that don’t file Form 5472 by the deadline can be fined $10,000 for each tax year for which they don’t file. What’s more, after 90 days replica oakley sunglasses, they may face an additional $10 http://goodcoachoutlet.weebly.com,000 penalty for each 30-day period for which they don’t file.
The duplication no longer is necessary replica oakley sunglasses, due to advances in electronic filing and recordkeeping replica oakley sunglasses, the IRS has found, as this notice by the American Institute of CPAs (AICPA) notes. That said, companies that fail to file their tax returns on time still need to file Form 5472 in a timely manner. That’s because no procedures currently exist for electronically filing Form 5472 independently of an electronically filed tax return. As a result, a paper Form 5472 is required in these cases.
As currently written, the regulations require some companies that file the Form with their tax returns to also submit copies and any attachments to the IRS Service Center in Philadelphia, Penn.
The IRS is accepting electronic and written comments on the proposal until September 8, 2011. A public hearing on the proposal may be scheduled http://goodcoachoutlet.weebly.com, if requested by someone who submits comments in a timely manner.
Score one small victory in the drive to reduce the paperwork required of taxpayers. Last week, the IRS issued temporary and proposed regulations that would remove the duplicate filing requirements currently imposed for Form 5472, “Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business.” The complete notice was in the Federal Register on Friday, June 10, 2011. Generally, a reporting corporation must file Form 5472 if it had a reportable transaction with a foreign or domestic related party, the IRS says.
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