People complain about the penalties for willful nonfiling or misreporting.  But look at the penalties for financial institutions who find themselves engaging in money laundering, because they don't "know your client."  That's what this law is all about.  That's why they have access to the reports (with customer permission -- you don't have to consent, but they don't have to let you open an account). 

There is at least one situation where I would avoid helping a company file these, and that's a partnership where you don't know enough about the partners to know if they are who they say they are.  And at any given time, some number of partnerships (or LLC's) are going to be engaged in disputes over who is in and who is out.  I haven't seen the application that applies for multi-owner entities -- do all of them have to upload their drivers license or passport? -- but I would want to see something signed by all those claiming to be owners, confirming that the information is correct.  

I wonder what investment clubs are doing with this. Anyone prepare returns for those?