This form is required to be filed by U.S. corporations that have at least 25% foreign ownership and by foreign corporations that are engaged in a U.S. trade of business. It is an informational form that discloses the transactions the corporation has had throughout the tax year with foreign-related parties.Penalties for failure to file Form 5472 can be severe. A penalty of $10,000 could be assessed on any reporting corporation that fails to file the form when due. Filing a substantially incomplete Form 5472 also constitutes a failure to file.Shalom aleichem.