C Corp with Foreign ownership

I have a client who has a C Corp in the USA. This C Corp is fully owned by a parent company in India. In terms of Foreign Reporting with the IRS can someone help with the forms that are needed to be filed.

doesn't 5472 come into play

The costly and punitive foot faults for reporting dynamics around foreign entities and ownership is why I don't deal with them at all.

There is a ton of demand in that area if you'd like to branch out to serve that niche, but I wouldn't tread lightly in doing so. Connect with a knowledgeable provider who is willing to mentor you a bit or look up the necessary CE.

It would only have to file Form 5472 if it had reportable transactions. Definitely look out for foreign bank accounts as well.

I wouldn't tread lightly in doing so.. I would.

I wouldn't tread lightly in doing so.. I would.

To clarify my comment...if one is going to practice in this area, IMO, one should jump in with both feet and really know it.

I knew what you meant. But it's a phrase that means "go carefully" so I would tread lightly. And if I decided to practice in this area, I'd

jump in with both feet and really know it.

I just can't stop myself.

The 5472 is complicated and there is a $25,000 penalty for missed filings*. I provide international tax consulting and compliance for domestic practitioners. PM or better yet, send me an email if you need anything deniz@turquoisetax.com.

*Pending Farhy.

Will the penalty apply if i file form 5472 today as an amended return, a week after I filed the 1120? An extension was filed.
No reportable transactions.

Probably.
Include in your filing a good reason why the 5472 wasn't included as part of the original return.

Why would you file a Form 5472 if there are no reportable transactions?

Why would you file a Form 5472 if there are no reportable transactions?

to play it safe, i guess, that $25k no-file penalty is scary,
but also the client may notice it's missing, & proceed to ask lots of annoying questions.

I can understand why you might include an unnecessary form 5472 with a timely filed tax return. However, I would recommend against filing an amended tax return to include form 5472 when that form does not need to be filed. I would think that the amended tax return is just inviting the IRS to impose a penalty.

Agree with dellpaul, dont file a late 5472 unless you have to because it will trigger a $25,000 penalty.

Agree with dellpaul, dont file a late 5472 unless you have to because it will trigger a $25,000 penalty.

But the IRS will always waive the penalty if there no reportable transactions, I think?

Always? I doubt it.

Why take the chance?