Who must file
Every foreign-owned single-member US LLC files Form 5472 attached to a pro-forma Form 1120 — even with zero revenue and zero US tax owed. US corporations with 25%+ foreign shareholders file it too when reportable transactions exist.
What it reports
- Capital contributions and owner draws
- Loans, payments and reimbursements between owner and company
- Formation and dissolution costs paid by the owner
The penalty
$25,000 minimum per missed form, per year — and it's assessed automatically. Reasonable-cause relief exists for honest catch-ups, and filing delinquent years proactively is dramatically cheaper than responding to a notice.
Deadline
With the 1120's due date — April 15 for calendar-year filers, extendable to October 15.
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