Every foreign-owned US LLC must file Form 5472 with the IRS every year — even with zero revenue. The penalty for missing it is automatic and non-negotiable: $25,000 per form per year. Most foreign entrepreneurs have never heard of it. Here's everything you need to know.
Get Your ITIN for Form 5472 Compliance — $99 →Form 5472 is the IRS information return required for every foreign-owned US LLC — including zero-revenue LLCs. Miss it: automatic $25,000 penalty per form per year. You need both an EIN (for the LLC) and an ITIN (as the foreign owner) to file. Stripe Atlas does NOT file this for you.
Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, is an annual IRS information return. It requires foreign-owned US entities to report transactions between the LLC and its foreign owners or related parties.
For most foreign entrepreneurs with a US single-member LLC, Form 5472 is filed attached to a pro forma Form 1120 (even though the LLC would normally not file Form 1120 as a disregarded entity). This "pro forma 1120 + 5472" package is filed annually by the tax return due date.
You must file Form 5472 if:
| Situation | Must File Form 5472? |
|---|---|
| Foreign-owned US LLC with revenue | ✅ Yes — definitely |
| Foreign-owned US LLC with $0 revenue (but expenses) | ✅ Yes — expenses are reportable transactions |
| Foreign-owned US LLC formed but never used | Possibly no — only if truly zero transactions |
| Foreign-owned US LLC formed via Stripe Atlas | ✅ Yes — Stripe Atlas formation = transactions |
| Foreign-owned US LLC with US bank account funded | ✅ Yes — funding the account = reportable transaction |
The penalty for failing to file Form 5472 on time is $25,000 per form per tax year. This is automatic — the IRS does not send a warning letter first. If the deadline passes without a filed Form 5472, the penalty accrues immediately.
If the LLC has multiple related-party transactions requiring separate 5472 forms, each missing form triggers its own $25,000 penalty. An additional continuing penalty of $25,000 per 90-day period applies if the failure continues after the IRS issues notice.
Stripe Atlas is excellent at forming US LLCs. It provides your LLC certificate, EIN, Stripe account setup, and Mercury bank account introduction. It does NOT:
Stripe Atlas's own documentation states that users are responsible for their own tax compliance. As a foreign LLC owner, this compliance includes Form 5472 every year.
Your ITIN is required for Form 5472 compliance as a foreign owner. Get it now before the next filing deadline.
Get Your ITIN — $99 →Your LLC needs an EIN. You as the foreign owner need an ITIN. Both are needed for complete Form 5472 filing.
Even though a single-member LLC is normally a disregarded entity, foreign-owned LLCs file a pro forma 1120 as a "shell" form to attach the 5472 to.
List all reportable transactions between you (foreign owner) and the LLC — money in, money out, loans, expenses. Be thorough.
Due date: same as Form 1120 — typically April 15 of the following year (for calendar-year LLCs), with a 6-month extension available (October 15). Extensions must be requested before the original deadline.
Important: Filing Form 5472 is complex and errors are penalized. Work with a US CPA or tax attorney experienced with foreign-owned entities. ITIN Plus provides ITIN — your CPA handles the annual 5472 filing.
The foreign owner listed on Form 5472 must provide their US Taxpayer Identification Number. As a non-US person without a Social Security Number, that TIN is your ITIN. Without an ITIN, you cannot properly complete Form 5472 — and an incomplete filing is treated the same as no filing for penalty purposes.
Apply for your ITIN now, before the next tax filing deadline. ITIN processing takes 7–11 weeks — apply early.