From TaxAlmanac, A Free Online Resource for Tax Professionals
From TaxAlmanac
Discussion Forum Index --> Advanced Tax Questions --> Due from foreign parent corp
Discussion Forum Index --> Tax Questions --> Due from foreign parent corp
TLT (talk|edits) said:
| 15 May 2009
|
| This is the first year preparing. It is a domestic corp owned 100% by foreign corp. Due from on b/s, but prior CPA was not reporting this on 5472. Seems to me that it should be.
|
Bjeter (talk|edits) said:
| 16 May 2009
|
| You are correct. Also, be sure that any interest payments are reported on the 1042/1042-S and withholding is done based on the appropriate treaty rate. On the 5472 you have to include all amounts loaned or borrowed from the parent corp.
|
Foxtron (talk|edits) said:
| 18 May 2009
|
| It would be 'wise' to verify that the foreign parent corp has provided the dom corp with a W8 BEN too (if applicable).
|
To join in on this discussion, you must first
log in.
