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Tax Smart Real Estate Investors Podcast
299. Corporate Transparency Act Checklist: Avoid Costly Mistakes with FinCEN Filing Agents
Nov 10, 2024
Heather Lucor, CEO of FinCEN Filing Agents, shares crucial insights about the Corporate Transparency Act and its looming 2024 implications for real estate investors and small businesses. She explains key reporting requirements and the dire consequences of non-compliance. The conversation highlights strategies to streamline the filing process, the importance of timely updates, and privacy concerns regarding sensitive information. Lucor also addresses the alarming low filing rates and offers solutions for those feeling overwhelmed by the upcoming deadlines.
30:43
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Quick takeaways
- The Corporate Transparency Act requires reporting of beneficial owners for most entities, with severe penalties for non-compliance highlighting its importance for real estate investors.
- Privacy concerns are mitigated as information filed under the Act is securely stored and not publicly accessible, allowing compliance without compromising data security.
Deep dives
Understanding the Corporate Transparency Act
The Corporate Transparency Act was introduced to combat financial crimes such as money laundering and tax evasion by increasing transparency around business ownership, specifically targeting small to medium-sized entities. It aims to address the lack of a national directory of beneficial owners, which has contributed to an estimated 64,000 financial crime cases reported in 2023. The Act mandates that both domestic and certain foreign entities report their beneficial owners unless they meet specific exemptions, such as having over $5 million in annual revenue or operating as publicly traded companies. This increased regulatory oversight is crucial in the government's efforts to mitigate financial crime and enhance accountability in business practices.
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