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Form 5472 checklist and reportable transactions log

A foreign-owned single-member LLC that moved any money to or from its owner files Form 5472 with a pro forma Form 1120, and missing it costs $25,000. The checklist walks the package line by line; the log captures each transaction in USD during the year so April is a copy job.

Updated Nov 1, 2026 · Rules checked against official sources on Nov 1, 2026

Download the files

Form 5472 filing checklist 2 pages, from the IRS instructions (Rev. 12/2024) PDF · 26 KB PDF
Reportable transactions log Category dropdowns, USD conversion, Part IV/V totals XLSX · 11 KB XLSX
Reportable transactions log Same columns with the three sample rows CSV · 1 KB CSV

Make a copy in Google Sheets: open sheets.new, choose File > Import > Upload and pick the XLSX.

Free to use and edit. Not legal or tax advice: check your situation with a lawyer or accountant before you sign or file.

What's in the file

Who must file, the 15 April deadline for a calendar year and the Form 7004 extension steps for a foreign-owned DE.
What goes on the pro forma Form 1120: name, address, item B and item E only.
Form 5472 Parts I to VII: line 1j for a first filing, the reference ID rules, the foreign TIN, the 75% to 125% estimate rule and the "$50,000 or less" option.
Where to send it: the dedicated fax number and Ogden mailing address, and the penalties.
XLSX log with eight Part IV and Part V categories, exchange rate per row and a summary that says whether you must file.

Preview

First page of the Form 5472 filing checklist with sections for who must file, deadline, pro forma 1120 and Form 5472 parts — First page of the PDF.

How to use it

Each time money moves between you and the LLC, add a row to the log with the date, category, amount, currency and that day's exchange rate.
After year end, open the Summary sheet. If it says Yes, you must file for that year.
Fill the pro forma Form 1120 page 1 (name, address, items B and E) and write "Foreign-owned U.S. DE" across the top.
Fill Form 5472 with the checklist, attach the Part V statement and the exchange-rate schedule, and fax it to 855-887-7737 or mail it to the Ogden PIN Unit by 15 April (or file Form 7004 by then).
Keep the fax confirmation or tracked-mail receipt, and keep the log: missing records carry the same $25,000 penalty.

Worked example

A Vancouver founder pays $400 of formation costs for her Wyoming LLC in January, wires C$5,000 of starting capital in February and takes an $8,000 distribution in September. At an example rate of 0.7163 the capital is $3,581.50. All three are Part V items, so the log's Summary reads Part V total $11,981.50 and "must file: Yes". The LLC had no US revenue, but that is not an exemption: only a year with no reportable transactions at all is.

Who it's for

United States: US single-member LLCs wholly owned by a non-US person or company. US-owned LLCs do not file this.
Canada: Canadian owners of a US LLC also have Canadian reporting, such as Form T1134; see our guide linked below.
Australia: Australian owners file the same US package. Keep the USD log for your Australian return too.

Official sources

Checked on Nov 1, 2026. Rules change; confirm on these pages before you file.

Frequently asked questions

Who has to file Form 5472?

A 25% foreign-owned US corporation, and a US disregarded entity such as a single-member LLC that is wholly owned by a foreign person, in any year it has a reportable transaction with a related party.

What counts as a reportable transaction for a foreign-owned LLC?

For a foreign-owned US DE, amounts paid or received in connection with formation, dissolution, acquisition and disposition, including contributions and distributions (Part V), plus the monetary transactions in Part IV such as loans and payments.

Can I e-file Form 5472 for my LLC?

No. The IRS says a foreign-owned US DE cannot file Form 5472 electronically. Fax it at 300 DPI or higher to 855-887-7737, or mail it to the IRS PIN Unit in Ogden, Utah.

What goes on the pro forma Form 1120?

Only the name and address of the LLC and items B (EIN) and E on page 1, with "Foreign-owned U.S. DE" written across the top.

What if the owner has no SSN or ITIN?

Enter a reference ID number you create for the owner (alphanumeric, no spaces or special characters, up to 50 characters) and use it every year. A foreign-owned DE must also enter the owner's foreign TIN, or "None" or "N/A".

What is the penalty for not filing Form 5472?

$25,000 per failure, and a substantially incomplete form counts as a failure. If it continues more than 90 days after an IRS notice, another $25,000 applies for each 30-day period or part of one.

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