Welcome! Here are the website rules, as well as some tips for using this forum.
Need to contact us? Visit https://heatinghelp.com/contact-us/.
Click here to Find a Contractor in your area.
If our community has helped you, please consider making a contribution to support this website. Thanks!

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

Options
GW
GW Member Posts: 5,184
edited August 2024 in THE MAIN WALL

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

Gary Wilson
Wilson Services, Inc
Northampton, MA
gary@wilsonph.com

Comments

  • GroundUp
    GroundUp Member Posts: 2,525

    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: 27,502

    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: 5,184
    edited August 2024

    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

    Gary Wilson
    Wilson Services, Inc
    Northampton, MA
    gary@wilsonph.com
  • GW
    GW Member Posts: 5,184

    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: 18,615

    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.

    Baltimore, MD, USA
    Steam, Vapor & Hot-Water Heating Specialists
    Oil & Gas Burner Service
    Consulting

    GroundUpPC7060GW

Categories