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The instructions of Form 5471 "Where to File" says the form needs to be attached to the tax return. Last Friday 9/15 by midnight, I just E-filed my first C-Corp tax return Form 1120 including Form 5471 (it was a rushed time to work with the CEO together, and E-Filed by midnight), and I forgot to print the Form 5471 and attach it as a PDF attachment.
Normally if a PDF attachment is required, ProConnect would give me a warning message and e-File button would not be available. But this time, the E-File went through without the PDF attachment Form 5471. I thought I probably needed to amend the return after it was accepted to re-submit the PDF attachment.
This morning I called ProConnect help and we looked at the tax return together. I was told that Form 5471 was already submitted to the IRS and no need to be submitted a second time - she was certain about this because she saw Form 5471 was generated within the ProConnect Software and was available for partial print.
I was relieved to hear that, but after the call, I remembered Form 7203 was also available for partial printing, and was still required to submit as an attachment. So I can't help become worried again and wonder if Form 5471 was actually submitted in my case.
Side fact: before calling ProConnect, I actually called the IRS international tax law phone number to ask if I needed to amend the return. I was told the IRS personnel are not allowed to answer Form 5471-related questions, as the whole agency was not trained with this tax form and was not allowed to give out advice. She suggested that I should ask this question to paid professionals.
Anyone who filed Form 5471 before? This is such a screwup for me and it won't happen again.
Thank you in advance!!
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It will be an expensive screw up if it wasn't transmitted.
Is this a calendar year return on extension? If yes, the good news is it is due October 15, so there's time to figure it out.
The more I know the more I don’t know.
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I asked ProConnect Help (twice, to different agents), and they both looked at the return with me on SmartLook, and both confirmed that ProConnect supports E-Filing Form 5471, as the PDF form was generated within ProConnect for the IRS, and no critical diagnosis appeared to prevent e-filing.
The tax return was a C-corp return with a 9/15 extended deadline.
I wonder if I should leave it as it is, or should I still file an Amended Return with no changes on income and deduction, and just attach the PDF form stating the attachment was accidentally omitted?
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Oh also, the e-File status now is shown as "Accepted by the IRS". Does that mean Form 5471 was transmitted? I wonder if there is an IRS number for me to call...
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@IntuitCharlene Can someone help this person determine if the 5471 was transmitted with the return?
There's a potential $10K penalty
The more I know the more I don’t know.
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@TaxesTech
@sjrcpa
I was able to confirm that Form 5471 is included in Lacerte and ProConnect and does not need to be attached. Hope this helps.