Business Owners, (federal) Corporate Transparency Act (CTA)
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?
Comments
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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.
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In the meantime — take your accountant's advice, if he or she is a good one.
Br. Jamie, osb
Building superintendent/caretaker, 7200 sq. ft. historic house museum with dependencies in New England0 -
it should, I'm grabbing this off the website
How about now?
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Hope you're right. I don't have too many more years left, the world is getting funky
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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.
All Steamed Up, Inc.
Towson, MD, USA
Steam, Vapor & Hot-Water Heating Specialists
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