Duplicate Filing Requirement for Form 5472 Removed (T.D. 9529; NPRM REG-101352-11)

The IRS has issued proposed and temporary regulations that remove the duplicate filing requirement 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, contained in Reg. §1.6038A-2(d). Therefore, duplicate filing of Form 5472 will no longer be required whether the reporting corporation files a paper or an electronic income tax return.

However, there are currently no procedures for electronically filing Form 5472 independent of an electronically filed income tax return. Thus, a reporting corporation that does not timely file an income tax return must still timely file a paper Form 5472 in order to satisfy the untimely filed return provision. If the IRS institutes procedures for the separate electronic filing of Form 5472, reporting corporations will no longer be required to file a paper Form 5472 when filing the Form 5472 separate from an income tax return.

The temporary regulations amend the effective date provisions of Reg. §1.6038A-1(n) to provide that the amendments to Reg. §1.6038A-2(d) and (e) apply for tax years ending on or after June 10, 2011. The text of the temporary regulations also serves as the text of the proposed regulations.

Requests for a public hearing and written or electronic comments on the proposed regulations must be received by the IRS by September 8, 2011.

T.D. 9529, 2011FED ¶47,025

NPRM REG-101352-11, 2011FED ¶49,483

Other References:

Code Sec. 6038A

CCH Reference – 2011FED ¶35,561A

CCH Reference – 2011FED ¶35,561AG

CCH Reference – 2011FED ¶35,561B

CCH Reference – 2011FED ¶35,561BG

Tax Research Consultant

CCH Reference – TRC INTL: 3,754.05

CCH Reference – TRC INTL: 3,754.25


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