I’ve been making phone calls to clients all week about this and the process will continue at least through next week.
This reporting requirement is one of the most egregious abuses of government power I have ever witnessed and it’s a direct violation of the 4th Amendment. Trump vetoed the original bill but congress overrode the veto which means that REPUBLICANS supported this crap in sufficient numbers to get it through. A federal judge determined that the reporting was unconstitutional but his injunction ONLY applied to the parties to the case. The fines for this thing are extortionate.
If you set up an LLC for a rental property 30 years ago and never closed it then you’re on the hook for this filing. If you had a business in an LLC or Corporation and sold the business but never closed the entity then you’re on the hook for this filing. If you were on an LLC filing for an ex-spouse that never closed the entity you’re on the hook for this even if you separated a decade ago. It’s insanity.
So any business entity I ever owned has to be reported? Even if it ceased to operate but has not been closed? What if I never closed an LLC but may want to use it again later? Ugh!š£