Main Street Business #464 Corporate Transparency Act - The New Law Affecting Every Business Owner
Nov 14, 2023
34:45
Get Your Company Compliant with Main Street Business Services
Dissolve Your Entity with KKOS Lawyers: https://kkoslawyers.com/
In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen delve into the complexities of the Corporate Transparency Act. Here are some of the main points they discussed:
- The ramifications of the Corporate Transparency Act for small business owners, including the need to report to the Financial Crimes Enforcement Network (FinCEN) if they own 25% or more of an LLC or are a manager or officer in an entity.
- The severe penalties for non-compliance, such as a $500 per day fine and potential jail time.
- Advice on how to ensure compliance, including the need to update FinCEN of any changes in entity ownership or management within 30 days.
- Insights into the exceptions to the Act, such as an exemption for large companies with 20 or more full-time employees or generating $5 million in revenue.
- Guidance on the importance of properly dissolving unused entities to avoid complications and penalties.
- Grab my FREE Ultimate Tax Strategy Guide HERE!
- You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 360
- Looking to connect with a rock star law firm? KKOS is only a click away!
- Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification.
- Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
- Craving more content? Check out my Instagram!