Business Owners, (federal) Corporate Transparency Act (CTA)

GW

Anyone heard of this? My CPA says there's a $10,000 fine is it's not set up. I have no idea! Why can't they just let us work?

https://fincen.gov/?utm_medium=email&_hsenc=p2ANqtz-_nTLL-HWyVFfeJt0froh2yg-PFf6mpwIyULKvs25pYXCLZzupPrkPUHeTuqP6jMnAJZe39zTfjecgYpCRN1jcTNjw8AQ&_hsmi=312463858&utm_content=312463858&utm_source=hs_email

GroundUp

The link doesn't work.

With that said, this was deemed unconstitutional by a federal judge last spring sometime and the feds have no way of enforcing it at this time. That may be overturned at some point, but currently is unenforceable from what I understand. As much as I don't care for government overreach, this does appear to be rather harmless for the honest business owners. They're staying pretty tight-lipped about what it all entails and I will stand my ground until I can't, but from what's available now, nearest I can tell is it's just another layer against laundering. Hopefully it's as innocent as it seems, but even more hopefully, it gets tossed altogether.

Jamie Hall

In the meantime — take your accountant's advice, if he or she is a good one.

GW

it should, I'm grabbing this off the website

How about now?

https://fincen.gov/?utm_medium=email&_hsenc=p2ANqtz-_nTLL-HWyVFfeJt0froh2yg-PFf6mpwIyULKvs25pYXCLZzupPrkPUHeTuqP6jMnAJZe39zTfjecgYpCRN1jcTNjw8AQ&_hsmi=312463858&utm_content=312463858&utm_source=hs_email

GW

Hope you're right. I don't have too many more years left, the world is getting funky

Steamhead

According to our accountant, this was put in place because some folks are trying to avoid taxes through the use of foreign-owned corporate entities. Good idea IMHO, since honest folks have to make up the difference when shady folks cheat on their taxes.