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1. YES -- When a shareholder / officers loaned the company money, a separate 5472 filing is required. Reportable transactions can easily be overlooked – frequently overlooked are loans by the corporation to foreign shareholders, or loans from foreign shareholders to the corporation. Such loans can have very significant tax consequences.
A separate Form 5472 must be filed for each foreign shareholder who is a 25%-or-greater owner of the US corporation. The form is not required when various foreign persons own, in the aggregate, 25% or more of the corporation. It is required only when a single non-US entity or individual owns 25% or more of the corporation.Thus, if two or more foreign shareholders each own 25% or more of a US corporation, then multiple Forms 5472 will have to be filed.
2. Wages -- NO they are not reported on Form 5472. To know and understand in great detail what Reportable Transactions are as defined in the law, please refer the following link which is quite informative and is a great resource.
3. YES -- There are ways to escape penalties. As of July 1, 2014, taxpayers that have failed to file a Form 5471, 5472, or 8865 may file it under the IRS's Delinquent International Information Return Submission Procedures. The procedures allow taxpayers to avoid penalties under Secs. 6038 and 6038A if the taxpayer timely filed its original income tax return but omitted the required international information forms.
The procedures are available for taxpayers that (1) have not filed one or more required international information returns, (2) have reasonable cause for not timely filing the information returns, (3) are not under a civil examination or a criminal investigation by the IRS, and (4) have not already been contacted by the IRS about the delinquent information returns.
You may get in touch with your nearest IRS office for further guidance or can work this out with your accountant.
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