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

GW
GW Member Posts: 4,822
edited August 29 in THE MAIN WALL
Gary Wilson
Wilson Services, Inc
Northampton, MA
gary@wilsonph.com

Comments

  • GroundUp
    GroundUp Member Posts: 2,091

    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.

    CLambGW
  • Jamie Hall
    Jamie Hall Member Posts: 24,735

    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 England
  • GW
    GW Member Posts: 4,822

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

    Gary Wilson
    Wilson Services, Inc
    Northampton, MA
    gary@wilsonph.com
  • Steamhead
    Steamhead Member Posts: 17,364

    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
    Oil & Gas Burner Service
    Consulting
    GroundUpPC7060GW