#464 Corporate Transparency Act - The New Law Affecting Every Business Owner

Get Your Company Compliant with Main Street Business Services Dissolve Your Entity with KKOS Lawyers: https://kkoslawyers.com/In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen delve into the complexities of the Corporate Transparency Act. Here are some of the main points they discussed:The ramifications of the Corporate Transparency Act for small business owners, including the need to report to the Financial Crimes Enforcement Network (FinCEN) if they own 25% or more of an LLC or are a manager or officer in an entity.The severe penalties for non-compliance, such as a $500 per day fine and potential jail time.Advice on how to ensure compliance, including the need to update FinCEN of any changes in entity ownership or management within 30 days.Insights into the exceptions to the Act, such as an exemption for large companies with 20 or more full-time employees or generating $5 million in revenue.Guidance on the importance of properly dissolving unused entities to avoid complications and penalties.Ready to Take the Next Step?Work With Mat & Mark’s Law FirmGet strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.[Book a Call with KKOS Lawyers]Take Control of Your RetirementWant to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.[Learn More About Directed IRA]Free ResourcesMat Sorensen’s Optimal Order of Investing GuideLearn how to prioritize where your money should go and build a smarter investing strategy.[Download the Free Guide]Mark J. Kohler’s 30-Point Tax GuideDiscover practical tax strategies and planning opportunities every business owner and investor should know.[Download the Free Guide]Get More From Mat & MarkWatch on YouTubeTax strategies, business planning, investing, asset protection, and more.[Visit the YouTube Channel...