Apply to foreign-owned Single-Member LLCs that are owned directly or indirectly. Directly owned means that the owner is a foreign person or a foreign company. Indirectly owned means the LLC is owned by another Disregarded Entity LLC, which then owns the Single-Member LLC. Who must file IRS Form 5472?LLC that is owned by a non-resident (a foreign person). What are the penalties for incomplete, incorrect or not filing Form 5472? Failure to file Form 5472 or file an incomplete or incorrect return filing can cause a penalty of $25,000. Is electronic filing (e-file) available for 5472 & 1120? No, these forms cannot be electronically submitted. They can be paper mailed or fax. What is the deadline for filing form 5472 & 1120? These forms must be submitted by April 15th of every year.