[Raycpa]

Here is the issue. They not only want direct ownership, they want anyone who has control over the business. Does the wife gave indirect control? How about the office manager? The uncle who financed the business? The landlord who gets income based on receipts?

Get it wrong and the penalties start at $500 per day and possible jail time.

Interesting that this may give new IRS agents something to do too?

And the reason is to keep Putin away. Like a 10k fine is a deterrent.

[rollo tomasi]

Yes, basically your are guilty of laundering money and corruption if you own a business unless your can prove your innocent. People who took up arms against the British monarchy over economic tyranny would be more pissed at us who know better than the tyrants because all we are doing is typing binary crap through servers and worrying about Christmas prep for materialistic goods. This includes me. I guess we are all lemmings just bitching over the computer/"smart"phones.

[Texas resident]

I started a family limited partnership for some timberland I owned. 6 weeks after I filed the final paperwork, I got a letter from the (D) IRS stating that I owed $6,500. No explanation included. My friend who does my taxes sent a letter back to them pinning their ears back. I had not brought in a cent to that point.

I am on their radar and expect to be harassed in the future.