New reporting requirement for LLCs

[moparrob66]

Just a heads up for folks who own LLCs- a new requirement is going back and forth in the courts that would require your LLC to report to the feds to "prevent" financial crimes by making a new crime, which would be failure to report. Last I heard it was ruled unconstitutional but thats subject to change.

Keep an eye out for it. I heard of it for the first time on 12/26/2024 with a filing deadline of 1/1/2025 but just today learned that its on hold.

 

[MauleSkinner]

This one?

LLC Owners. What's this FinCEN thing about?

I assume a lot of you are LLCs given that you are all wealthy pilots. A friend messaged me and said "Have you seen this?" Followed by some talk of a $500 / day fine if not filled out. I don't read, understand, or speak legalese. I would assume if there were some action needed for LLCs under the...

pilotsofamerica.com

 

[moparrob66]

Yes! I even searched an nothing came up.