56559
Form 5472 / Part IV - Transactions with Related Foreign Party. My taxpayer has none to report this year, however I am receiving a critical diagnostic that Part IV must be completed. I have tried inserting a -0- as Overrides to "Amount Received" and "Amount Paid" but that doesn't eliminate the diagnostic. Note that there was a reportable transaction in 2020, so that may have bearing on 2021? Solution: If the taxpayer has nothing to report within Part IV for the current year, even though the diagnostic is critical it can be ignored and will not prevent e-filing of the tax return.
