I’ve been talking to clients about this and most are, to put it nicely, rather unhappy.
My big concerns are with divorcees that might not even think that they are or have been included in an LLC or Corporation filing. There are also TONS of people that have rental properties in LLCs that probably won’t be aware of this requirement.
FinCEN and the government as a whole has done next to nothing to publicize this requirement and it’s a fair bet that various agencies will be going through SecState records to figure out who they want to contact. I see much trauma in a lot of lives beginning in 2025 for all the people that just never knew this was a requirement.
I’m trying to figure out, besides it being a registration for workers, what exactly will this do? Do they have to pay extra doing this? Why is it even in place?
“FinCEN and the government as a whole has done next to nothing to publicize this requirement”.
Up until a few days ago I had never heard of FinCEN.