Re:FinCEN.gov – Corporations will soon be required to disclo...
by refurb on Friday September 15, 2023 @10:16PM
(#37531378)
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).
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).