With the United States being the largest cannabis market in the world, it’s common to see cannabis companies with sizeable investments from foreign individuals and corporations.
If you have taken on foreign investment capital or have foreign owners/stakeholders in your cannabis business, then you will likely have to file Form 5472 with the IRS.
The penalties assessed against your company for not filing are incredibly high: $25k for every year you don’t report.
In this video, we will cover:
- What is Form 5472
- Penalties for Not Filing
- Considerations for Penalty Abatement
- What is Considered a “Foreign Person”
- What is a Reportable Transaction
- Form 5472 compared to Form 5471
If you need help with determining if your cannabis business needs to file IRS Form 5472, then please reach out to us today or call 800-674-9050.