I filed a form 5471 Dormant Company but have now learned that my company would not be considered dormant for that year. Can I amend this without incurring penalties?
In 2019 my husband and I registered a foreign company which did not conduct any business and has remained dormant since. I've now learned that a company cannot be considered dormant in the year it was created and that there are penalties for forms that are substantially incomplete. Instructions for 5471 state it can be amended using form 1040x. Would I still be penalized for my mistake?