u/Mundane-Ad1652

This year, I've been getting so many more client emails asking tax questions/planning ideas. I know these are coming from AI sources. Are you guys facing similar issues? My inbox is flooded this year.

Now that 4/15 tax deadline is over, you just found out you forgot to submit an extension for Form 5472 for the 2025 tax year.

The single most important thing you can do is file before the IRS contacts you. If IRS comes to you first (low chance-but still a chance!), your chances of getting the penalty reduced or waived go up significantly.

The IRS offers Delinquent International Information Return Submission Procedures. The process works like this: Prepare the missing Form 5472 and pro forma Form 1120 for each year you missed the attach a reasonable cause statement to each filing explaining why you didn't file on time.

The reasonable cause statement is the key. The IRS wants to see that you exercised "ordinary business care and prudence" but were still unable to file. Common reasonable cause arguments include:

• You relied on a formation company (Stripe Atlas, Doola, Firstbase, etc.) that never told you about the filing requirement.
• You relied on a tax advisor who was unfamiliar with Form 5472 for disregarded entities.
• You're a first-time filer who discovered the requirement on your own and immediately took action to comply
• Language barriers or difficulty navigating the U.S. tax system as a foreign person

The statement needs to be specific to your situation — not a generic template. It needs to explain what happened, why it happened, and what you've done to fix it. Vague statements like "I didn't know" without supporting details are usually denied. Usually IRS is more lenient towards first-time filer who filed late.

Hope this helps for people who are trying to navigate Form 5472 post 4/15.

Now that 4/15 tax deadline is over, you just found out you forgot to submit an extension for Form 5472 for the 2025 tax year.

The single most important thing you can do is file before the IRS contacts you. If IRS comes to you first (low chance-but still a chance!), your chances of getting the penalty reduced or waived go up significantly.

The IRS offers Delinquent International Information Return Submission Procedures. The process works like this: Prepare the missing Form 5472 and pro forma Form 1120 for each year you missed the attach a reasonable cause statement to each filing explaining why you didn't file on time.

The reasonable cause statement is the key. The IRS wants to see that you exercised "ordinary business care and prudence" but were still unable to file. Common reasonable cause arguments include:

• You relied on a formation company (Stripe Atlas, Doola, Firstbase, etc.) that never told you about the filing requirement.
• You relied on a tax advisor who was unfamiliar with Form 5472 for disregarded entities.
• You're a first-time filer who discovered the requirement on your own and immediately took action to comply
• Language barriers or difficulty navigating the U.S. tax system as a foreign person

The statement needs to be specific to your situation — not a generic template. It needs to explain what happened, why it happened, and what you've done to fix it. Vague statements like "I didn't know" without supporting details are usually denied. Usually IRS is more lenient towards first-time filer who filed late.

Hope this helps for people who are trying to navigate Form 5472 post 4/15.

Now that 4/15 tax deadline is over, you just found out you forgot to submit an extension for Form 5472 for the 2025 tax year.

The single most important thing you can do is file before the IRS contacts you. If IRS comes to you first (low chance-but still a chance!), your chances of getting the penalty reduced or waived go up significantly.

The IRS offers Delinquent International Information Return Submission Procedures. The process works like this: Prepare the missing Form 5472 and pro forma Form 1120 for each year you missed the attach a reasonable cause statement to each filing explaining why you didn't file on time.

The reasonable cause statement is the key. The IRS wants to see that you exercised "ordinary business care and prudence" but were still unable to file. Common reasonable cause arguments include:

• You relied on a formation company (Stripe Atlas, Doola, Firstbase, etc.) that never told you about the filing requirement.
• You relied on a tax advisor who was unfamiliar with Form 5472 for disregarded entities.
• You're a first-time filer who discovered the requirement on your own and immediately took action to comply
• Language barriers or difficulty navigating the U.S. tax system as a foreign person

The statement needs to be specific to your situation — not a generic template. It needs to explain what happened, why it happened, and what you've done to fix it. Vague statements like "I didn't know" without supporting details are usually denied. Usually IRS is more lenient towards first-time filer who filed late.

Hope this helps for people who are trying to navigate Form 5472 post 4/15.

Now that 4/15 tax deadline is over, you just found out you forgot to submit an extension for Form 5472 for the 2025 tax year.

The single most important thing you can do is file before the IRS contacts you. If IRS comes to you first (low chance-but still a chance!), your chances of getting the penalty reduced or waived go up significantly.

The IRS offers Delinquent International Information Return Submission Procedures. The process works like this: Prepare the missing Form 5472 and pro forma Form 1120 for each year you missed the attach a reasonable cause statement to each filing explaining why you didn't file on time.

The reasonable cause statement is the key. The IRS wants to see that you exercised "ordinary business care and prudence" but were still unable to file. Common reasonable cause arguments include:

• You relied on a formation company (Stripe Atlas, Doola, Firstbase, etc.) that never told you about the filing requirement.
• You relied on a tax advisor who was unfamiliar with Form 5472 for disregarded entities.
• You're a first-time filer who discovered the requirement on your own and immediately took action to comply
• Language barriers or difficulty navigating the U.S. tax system as a foreign person

The statement needs to be specific to your situation — not a generic template. It needs to explain what happened, why it happened, and what you've done to fix it. Vague statements like "I didn't know" without supporting details are usually denied. Usually IRS is more lenient towards first-time filer who filed late.

Hope this helps for people who are trying to navigate Form 5472 post 4/15.

Now that 4/15 tax deadline is over, you just found out you forgot to submit an extension for Form 5472 for the 2025 tax year.

The single most important thing you can do is file before the IRS contacts you. If IRS comes to you first (low chance-but still a chance!), your chances of getting the penalty reduced or waived go up significantly.

The IRS offers Delinquent International Information Return Submission Procedures. The process works like this: Prepare the missing Form 5472 and pro forma Form 1120 for each year you missed the attach a reasonable cause statement to each filing explaining why you didn't file on time.

The reasonable cause statement is the key. The IRS wants to see that you exercised "ordinary business care and prudence" but were still unable to file. Common reasonable cause arguments include:

• You relied on a formation company (Stripe Atlas, Doola, Firstbase, etc.) that never told you about the filing requirement.
• You relied on a tax advisor who was unfamiliar with Form 5472 for disregarded entities.
• You're a first-time filer who discovered the requirement on your own and immediately took action to comply
• Language barriers or difficulty navigating the U.S. tax system as a foreign person

The statement needs to be specific to your situation — not a generic template. It needs to explain what happened, why it happened, and what you've done to fix it. Vague statements like "I didn't know" without supporting details are usually denied. Usually IRS is more lenient towards first-time filer who filed late.

Hope this helps for people who are trying to navigate Form 5472 post 4/15.

Now that 4/15 tax deadline is over, you just found out you forgot to submit an extension for Form 5472 for the 2025 tax year.

The single most important thing you can do is file before the IRS contacts you. If IRS comes to you first (low chance-but still a chance!), your chances of getting the penalty reduced or waived go up significantly.

The IRS offers Delinquent International Information Return Submission Procedures. The process works like this: Prepare the missing Form 5472 and pro forma Form 1120 for each year you missed the attach a reasonable cause statement to each filing explaining why you didn't file on time.

The reasonable cause statement is the key. The IRS wants to see that you exercised "ordinary business care and prudence" but were still unable to file. Common reasonable cause arguments include:

• You relied on a formation company (Stripe Atlas, Doola, Firstbase, etc.) that never told you about the filing requirement.
• You relied on a tax advisor who was unfamiliar with Form 5472 for disregarded entities.
• You're a first-time filer who discovered the requirement on your own and immediately took action to comply
• Language barriers or difficulty navigating the U.S. tax system as a foreign person

The statement needs to be specific to your situation — not a generic template. It needs to explain what happened, why it happened, and what you've done to fix it. Vague statements like "I didn't know" without supporting details are usually denied. Usually IRS is more lenient towards first-time filer who filed late.

Hope this helps for people who are trying to navigate Form 5472 post 4/15.