377: Corporate Transparency Act: What Therapists Need to Know

If you are a therapist in private practice in the US, this episode will be helpful for you. We are breaking down the new legal requirements under the Corporate Transparency Act. This act requires that you comply by the end of 2024, so time is running out. This act is part of an effort to reduce money laundering by shell companies, focusing on business ownership. If you have an LLC or an S-corp, please take the time to listen and learn more.  Our Featured GuestsDan Mayer and Dr. David YoodDan Mayer is an attorney who works with many mental health and healthcare practitioners. Dr. David Yood is a licensed psychologist and private practice owner who gives his perspective of the Corporate Transparency Act and its requirements. Dan and Dave co-host the Protecting Your Practice Podcast for mental health practitioners. In this session, they use simple language to explain what the CTA is, what the filing requirements and processes are, the implications of non-compliance, and the constitutionality of the act. Dan's websiteDave's websiteProtecting Your Practice PodcastYou’ll Learn:What is the Corporate Transparency Act (CTA)?Dave’s perspective about the CTA, his private practice, and compliance requirementsA look at the compliance requirements of the CTA (mostly about ownership of companies)Who needs to register under the CTA? (Get professional help if you aren’t sure!)Thoughts on the constitutionality of the CTADave’s perspective on what the CTA requires of himConsequences of not filing under the CTADan’s recommendations for business ownersFind out more about the CTA and how to file (in just a few minutes): fincen.govResources:Interested in becoming part of our affiliate program? Learn more!Want to launch your online course?Please check out our free 7-Day Course Creator Starter Kit for Therapists at https://sellingthecouch.com/coursekit.If you are a seasoned therapist who wants to move from clinical to online course income, we have a specific mastermind for you. We meet together to build, grow, and scale our online courses. You can learn more at https://sellingthecouch.com/mastermind.Mentioned in this episode:Try Alma!Building and managing the practice you truly want can feel overwhelming. That’s why Alma is here—to help you create not just any practice, but your private practice. With Alma, you’ll get the tools and resources you need to navigate insurance with ease, connect with referrals that are the right fit for your style, and streamline those time-consuming administrative tasks. That means less time buried in the details and more time focused on delivering exceptional care to your clients. You support your clients. Alma supports you. Learn more at sellingthecouch.com/alma and get 2 months FREE—an exclusive offer for STC listeners.