So I know we are really beating you up on this, but we keep running into instances and observations that we want to bring to your attention and the downside of not filing this mandatory end of the year requirement could be really huge in the form of $600 a day penalty.
In the last two days multiple government websites have had trouble with logins that we have seen just from our end. Some of the login credentials that are used are the same that are used for Social Security and EFTPS deposits both of which we are involved with for various reasons. Great latency in the government websites are occurring, so it may not be a reach to infer that as we get closer to this deadline things are going to slow down even more!
The other item we ran into earlier this week and is another reminder even if your LLC is not active, has not been used, has no revenues or expenses running through it, has not had a tax return in years but is not officially closed down in the state that you are registered … it must file even if it’s collecting dust on the shelf it must file
One other second reminder that was also mentioned in the monthly video earlier this week, a best practice is to get a FINCEN id and then apply that id to the LLC ownership. The reason for this again is by current mandates a change of address is supposed to be updated within 30 days and those of us that have multiple LLC’s can do that with one login rather than having to log in to multiple entities and change the addresses.
Again apologies for the continued reminders, but the window is really closing on this and we are somewhat worried that access to these filings will become more and more difficult as we near the end of the year.
Have a Great “FINCEN 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.
