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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@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.
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.
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?
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...
@IntuitCharlene Can someone help this person determine if the 5471 was transmitted with the return?
There's a potential $10K penalty
@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.
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