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
IRS deadline passed?
Fix it in 20 minutes.
$25,000 per missed Form 5472. Most foreign-owned US LLCs owe one, even at zero activity. Turn your docs into a reviewer-ready draft in 20 minutes.
Not filed. Not advice. Confirm with your CPA. Legal disclosures
$25,000 per missed form. No cap after IRS notice.
You review. You file. You control the outcome.
Department of the Treasury, Internal Revenue ServiceNotice of Penalty AssessmentIRC §6038A(d)
Reason
Failure to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation
Statutory penalty
$25,000
Per form · Per year · No revenue required
Continuation penalty
+$25,000
Per 30-day period after IRS notice, no statutory cap
Here is your way out. You upload, you confirm every category, and Fylit organizes your data into a draft you review before anything is filed.
We read your bank statements so you don't have to
Penalty exposure
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
You confirm every category
Fylit suggests a category for each line. Tap Confirm or keep it in Review. Software output only, not tax advice.
Draft
DateDescriptionAmountType
Aug 2Shopify payouts+$8,640Third party
Aug 6ACH - R. Okonkwo+$1,250Review
Aug 11Wire - Elena Varga-$9,200Owner
Aug 17Gusto payroll taxes-$2,884Third party
Aug 24Wire - Elena Varga+$4,500Owner
Five steps. Twenty minutes.
No accountant on the phone. No IRS instructions to decode.
- 01
Upload your bank statements
Drop CSV or PDF exports from Mercury, Relay, Chase, or any bank. Fylit reads the raw data, nothing is modified.
PDFPDFPDF - 02
You confirm every category
Fylit suggests a category for each line. Tap Confirm or keep it in Review. Software output only, not tax advice.
- 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 your packet: Form 5472, pro forma 1120, and a reconciliation sheet. Every field traceable.
- 05
File with a CPA or submit yourself
Hand the packet to your accountant, or fax or mail it yourself using the IRS instructions on the cover page. The IRS does not accept e-file for this filing. 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.
Two deadlines, one path.
Still time
File Form 7004 for an extension
Form 7004 extends the time to file, not the time to pay any tax that may be owed. An extension to October 15 does not eliminate penalties for prior missed filings. Fylit does not file Form 7004 for you; confirm extension steps with the IRS instructions or a licensed professional.
Already past deadline
Get organized before the next notice
Your original filing deadline has passed. Under IRC §6038A(d), the IRS may assess a penalty of $25,000 per form per tax year for failure to file Form 5472, plus $25,000 per 30-day period after an IRS notice, with no statutory cap. Getting organized now may reduce further exposure. This does not guarantee any penalty waiver or abatement. Consult a licensed tax professional regarding any penalties already assessed.
$25,000 per missed Form 5472. Are you exposed?
Not filed. Not advice. Confirm with your CPA.
Compliance drafts from your inputs. CPA-confirm before filing. Legal disclosures