The U.S. Treasury Department has requirements to report information about LLCs, corporations and partnership entities that you have formed and can impose a $10,000 fine for failure to timely file. Many people form LLCs for new or potential businesses that are never actively operated, and they do not realize that they have an obligation to file with the U.S. Treasury information as to who owns the entities.
U.S. citizens, legal residents, and any foreigner who is present in the U.S. for a certain period of time is required to file a FINCEN report with the U.S. Treasury if at any time during the year the combined balance of they own of all bank accounts exceeds $10,000.
These reports can easily be filed online through the Financial Crime Enforcement Network (FINCEN Network) which can be accessed online at (here)
