Form 5472 + pro forma 1120 as the core workflow
- Formation-style bundle
- Often an add-on, not the main product
- CPA engagement
- Yes, under a custom engagement
- fylit.taxBest value
- Yes, built around this filing path
Foreign-owned US LLC
Missed the deadline?
We handle it.
If a foreign person owns 25% or more of your US LLC, the IRS requires Form 5472 + pro forma 1120 each year, even with zero activity. A single missed filing triggers a $25,000 penalty. Fylit turns your bank statements and entity docs into a reviewer-ready compliance packet in under twenty minutes.
IRC §6038A(d) compliant drafts
Software tool, you review, you file
Department of the Treasury, Internal Revenue Service
FORM 5472OMB No. 1545-0123
Information Return of a 25% Foreign-Owned U.S. Corporation
FILER NAMEAcme Holdings LLC
EMPLOYER ID NUMBERXX-XXXXXXX
TAX YEAR2024
FOREIGN OWNER
COUNTRY OF INCORPORATION
REPORTABLE TRANSACTIONS
AI-assisted · Review before filingDraft
We read your bank statements so you don't have to
Penalty exposure
Department of the Treasury
Internal Revenue Service
Notice of Penalty Assessment
IRC §6038A(d)
Reason
Failure to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation
Statutory penalty
$0
Per form · Per year · No revenue required
Continuation penalty
+$25,000
Per 30-day period after IRS notice, no statutory cap
Three years.
Three chances to file.
Penalties compound per unfiled year. Here is what a typical three-year gap looks like on paper.
Tax YearPenalty
2022
Initial penalty, missed filing
2023
Second year, no correction
2024
Third year, IRS notice issued
Total Exposure
Before continuation penalties
Source: IRC §6038A(d), applies to tax years after Dec 31, 2017
Five steps. Twenty minutes.
No accountant on the phone. No IRS instructions to decode.
- 01
Connect your bank or upload statements
Securely link Mercury, Relay, Chase, or upload CSV / PDF exports. Fylit reads the raw data, nothing is modified.
PDFPDFPDF - 02
We classify your transactions
Fylit reads your statement and tags each line: owner transfers stand out, routine third-party flows (Stripe, vendors) are grouped separately, and anything ambiguous lands in Review so you can confirm. Software output only, not tax advice.
DateDescriptionAmountTypeAug 2Shopify payouts+$8,640Third partyAug 6ACH - R. Okonkwo+$1,250ReviewAug 11Wire - Elena Varga-$9,200OwnerAug 17Gusto payroll taxes-$2,884Third partyAug 24Wire - Elena Varga+$4,500Owner - 03
Answer plain-English questions
Entity name, EIN, foreign owner details, country of incorporation. No IRS jargon, the software handles translation.
- 04
Review your compliance draft
Download a clearly labeled packet: Form 5472, pro forma 1120, and a reconciliation sheet. Every field sourced and traceable.
- 05
File with a CPA or submit yourself
Hand the packet to your accountant or e-file directly. Nothing is submitted until you say so.
Typical paths
How fylit fits your filing path.
Turn bank activity into 5472-ready line items
- Formation-style bundle
- CPA engagement
- fylit.taxBest value
Plain-English intake (not IRC field codes)
- Formation-style bundle
- Varies widely
- CPA engagement
- Yes, through your accountant
- fylit.taxBest value
- Yes, in-product
Typical path from sign-in to reviewer-ready drafts
- Formation-style bundle
- Weeks (handoffs, scope)
- CPA engagement
- Weeks (scheduling, scope)
- fylit.taxBest value
- Often under 20 minutes
Pricing before you start
- Formation-style bundle
- Bundled or add-on; depends on package
- CPA engagement
- Engagement quote after scoping
- fylit.taxBest value
- Listed software pricing
Nothing filed until you submit it
- Formation-style bundle
- Varies by provider
- CPA engagement
- Yes, you sign what your CPA files
- fylit.taxBest value
- Yes, software prepares drafts only
| Feature | Formation-style bundle | CPA engagement | Best Valuefylit.tax |
|---|---|---|---|
| Form 5472 + pro forma 1120 as the core workflow | Often an add-on, not the main product | Yes, under a custom engagement | Yes, built around this filing path |
| Turn bank activity into 5472-ready line items | |||
| Plain-English intake (not IRC field codes) | Varies widely | Yes, through your accountant | Yes, in-product |
| Typical path from sign-in to reviewer-ready drafts | Weeks (handoffs, scope) | Weeks (scheduling, scope) | Often under 20 minutes |
| Pricing before you start | Bundled or add-on; depends on package | Engagement quote after scoping | Listed software pricing |
| Nothing filed until you submit it | Varies by provider | Yes, you sign what your CPA files | Yes, software prepares drafts only |
Illustrative patterns only, not a statement about any specific company. Your facts, provider, and CPA relationship may differ.
Fylit organizes your compliance paperwork from your inputs into reviewer-ready drafts. Always review with a qualified tax professional before filing. Legal disclosures