Thumb of Michigan | Robert in CenMo - 11/26/2024 10:12
So one last question. Is this yearly? If no changes does one time do it?
This is the 'gotcha' for the government. I call it a hidden tax, the fine is around $590 a day (today, I think it's inflated every year), plus up to $10K. An easy change that might not get reported within the 30 window, is for marriage/divorcess, where someone takes a spouse's name or moving to a new address.
If nothing changes then nothing is no need to update, so it's easy to "forget" to update and get a fine/hidden tax.
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1099's and Beneficial Interest??
