As mentioned previously here and here …. there is a new law that thus far, is mandating Filings of LLC’s ownership information by 12-31-24. This new filing is a hot potato that many are not touching due to the very extreme penalty of just short of $600/day for non filing.
Here is what we have found out so far, and it is mostly good news:
A lot more people have ownership or peripheral ownership than at first appeared and may need to file – if in doubt you likely need to file.
The filing its self, for the most part is taking less than 15 minutes if all information is in hand.
Most preferred method of filing is to create a FINCEN (Financial Crimes Enforcement Network) personal ID and then attach that to the actual LLC filing. (FINCEN id filing instructions)
The ID questions are straight forward, but the actual LLC questions are a bit confusing.
Recent filers are thankfully receiving confirmations, early filers in many cases from our contacts, did not receive a confirmation, which in our experience comes quickly, again from recent filers experiences.
No idea why this has not been communicated by FINCEN to LLC owners.
No word or even any hint of a delay in time to filing at this time.
No one, or almost no one knows about this…hence the reason we are bonking you so many times here!
If there is a mad dash near the end of the year, all agree the technology infrastructure is not strong enough to handle it and will most likely crash.
Again, know we are talking about this a lot, but the extreme penalty has our attention and therefore our protection/reminder/update communications going!!!
Have a Great “FINCEN filings Reminder” 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.
