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I am reminded of "accidental Americans" who discovered they owe FinCEN hundreds of thousands of dollars in penalties for not reporting their foreign (i.e., loca

I am reminded of "accidental Americans" who discovered they owe FinCEN hundreds of thousands of dollars in penalties for not reporting their foreign (i.e., local to them) bank accounts. Now, it's the forgotten-but-not-dissolved LLCs' turn to shine. > Failure to meet the reporting requirements or unauthorized disclosure of BOI can result in civil or criminal actions. Willful failure to file a complete initial or updated report with FinCEN is subject to a US$500-per-day fine (up to US$10,000) and imprisonment for up to two years.

refurb 3y ago
The FinCEN database is a massive heap of garbage. Anyone who has ever tried to submit knows this. The form is confusing as hell, so I assume everyone fills it out slightly differently. The website seems to crash with alarming regularity. I had to fill out the form 3 different times because of this. So basically they have a massive database of horribly inaccurate data. From what I gather, the only people who would get in trouble for not submitting are the ones already on the IRS radar. The FinCEN database is used more to add on top of an investigation than initiate one. I'd love to see someone prosecuted for failure to report as a single violation (i.e. no other tax or financial crimes involved). I assume the lawyers for the defense would have a field day sowing doubt in the judges mind as to whether or not someone truly failed to report (e.g. missing or corrupted data, IT errors, etc).