On Monday of this week we posted a heads up about new LLC laws passed that force identification information from FINCEN (Financial Crimes Enforcement Network) – as the name sounds this entity is looking for bad guys…
With an uproar of questions…here are the main ones with our answers!
Why am I having to do this now? This is a brand new law ! Never before have we had to do this.
Will they push the deadline out? No one knows, given the large number of expected filers, it is possible if everyone begins filing, the site may crash, but recall the official penalties are ~$600 a day or over $200k annually!
Why has no one told me of this? Given this is such a new mandate and the penalties are so extreme along with fuzzy requirements, no one is touching this. Our goal is to let you know the situation and let everyone make their own decision.
Here is a video from FINCEN on how to do the filing – 5 minutes worth a review before you file for sure!!
Have a Great Friday!
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.
