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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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- 5472: Possibility of disregarted entities to perform distributions
5472: Possibility of disregarted entities to perform distributions
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JanaK
Level 1
04-12-2023
09:23 AM
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In case a LLC is a disregarded entity with a foreign owner: Would a transaction from the business account to the foreign bank account of the owner be considered as a distribution so it would be needed to be reported in 5472?
IRS mentions distributions only for non disregarded entities: https://www.irs.gov/businesses/small-businesses-self-employed/limited-liability-company-possible-rep...
"A disregarded entity is one that is disregarded as an entity separate from its owner." So if both are the same entity is it even possible that there's a distribution?
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