Catch-up
Missed Form 5472? Catch up on late filings
If your foreign-owned LLC has unfiled years, we bring it up to date and, where it applies, ask the IRS for penalty relief.
Priced on the number of years you missed. Free quote
Why it matters
Each Form 5472 that is not filed on time can carry an IRS penalty of $25,000 per form, per year. If the failure continues for more than 90 days after an IRS notice, a further $25,000 can be added for each 30-day period. An unfiled year also stays open to the IRS for longer than a filed one.
Many owners abroad miss the first year or two simply because nobody told them the form existed. That is common, and it can be put right.
How catch-up works
- Review your filing historyWe establish which years were filed and which are missing, from the year the company was formed.
- Rebuild the recordsWe use your bank statements to list the transactions between you and the company for each missing year.
- Prepare each year's returnForm 5472 with a pro forma Form 1120 for every year that needs one.
- Add a reasonable cause statementWhere the facts support it, we explain why the filings were late and ask for relief from penalties.
- File and follow upEverything is filed together, and you receive copies and proof of filing.
What is a reasonable cause statement?
It is a written explanation, sent with a late filing, of why the return was not filed on time and why that was not due to neglect. For example, a first-time owner abroad who acted in good faith and filed promptly once they learned of the requirement. It is a request, not a guarantee, and the IRS decides each case on its own facts.
Already received an IRS letter?
Do not ignore it. Notices have response deadlines. Send us the letter and we will explain what it means, what your options are, and how to respond.
Pricing
| Service | Starting price |
|---|---|
| Reasonable Cause StatementA written explanation to the IRS requesting relief from penalties. | From $250 |
| Tax / IRS Notice ReviewWe review the letter you received and explain your options. | From $150 |
| Late Filing Assistance | From $200 |
| Prior-Year FilingA return for a past tax year that was never filed. | From $200 |
| Multi-Year Catch-UpPriced on the number of years you missed and the work involved in each. | Quoted by years missed |
Multi-year catch-up is priced on the number of years you missed and the work involved in each. See all pricing.
Common questions
I have never filed Form 5472. Is it too late?
No. Missed years can still be filed. Acting before the IRS contacts you generally puts you in a stronger position than waiting.
Will the penalty be removed?
No one can promise that. Where you had a genuine reason for not filing, we prepare a reasonable cause statement asking the IRS for relief. The IRS decides each request on its facts.
How much does catch-up cost?
It depends on the number of years you missed and the work involved in each. Tell us when your company was formed and what has been filed, and you receive a free written quote before we begin.
I already received an IRS penalty notice. What now?
Send us the notice. We review it, explain your options, and prepare a response where one is needed. Notice review starts from $150.
Behind on your filings?
Tell us when your company was formed and what has been filed. We will map out the years to catch up and give you a clear quote.