Cutting to the chase for those short on time! As of right now, there is a major deadline of 12-31-24 for filing an identity report (our coined name) for anyone associated with an LLC (owner, shareholder or person of authority). This report is filed with FINCEN (Financial Crimes Enforcement Network) as the name implies, they are mandating this to find bad operators in this arena.
FINCEN estimates 32 million LLC’s will need to file by year end. Less than 1% have filed. If everyone rushes to file this information by the end of the year, it is very likely the website will not be able to handle the traffic. Penalties for not filing this report are near $600/day.
Simple reports should only take 10 minutes, but will be invasive on information reported/requested. We cannot file this report for clients.
FINCEN’s information and Q & A’s on the subject!
Who needs to report – Great Summary from Martin Shenkman Attorney on the subject
Here is the grab all persons involved language and will likely push the reporting requirements to well over 100 Million!
Acceptable identification
Have a Great “LLC Filings Heads Up” Day!
John A. Kvale CFA, CFP
AI Content Authenticity: All of the following text content has been completed by myself and has not been edited or created by AI. Occasionally we do use AI for images and will note when appropriate.
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
