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Ep. 99 | The Corporate Transparency Act: What You Need To Know
Manage episode 437876423 series 3095761
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About the Guest: Angelina Urquhart
Angelina Urquhart is a compliance expert with Corpnet, a company specializing in business compliance and filing services. With a wealth of knowledge in entity formation and regulatory compliance, Angelina has been instrumental in helping businesses stay compliant with complex state and federal regulations. Her expertise includes navigating the Corporate Transparency Act and beneficial ownership information reporting requirements.
Episode Summary:
In this milestone episode, number 99, Chris Picciurro and John Tripolsky delve into the critical specifics of the Corporate Transparency Act (CTA) and Beneficial Ownership Information Reporting (BOI). Our special guest, Angelina Urquhart from Corpnet, shares her comprehensive insights and explains the new regulatory requirements that affect the majority of business entities.
The Corporate Transparency Act, aimed at curbing financial crimes such as money laundering and terrorism financing, imposes stringent reporting obligations on entities in the United States. Angelina highlights which entities need to comply, what details must be reported, and the profound implications of non-compliance. Throughout the episode, the discussion touches on the practicality of these regulations, the importance of timely filing, and the potential penalties for failure to adhere to the guidelines.
Key Takeaways:
- CTA and BOI Overview: Angelina breaks down the purpose of the Corporate Transparency Act and the Beneficial Ownership Information Reporting requirements.
- Entities Required to File: Most LLCs, corporations, and other registered entities must comply unless specific exemptions apply.
- Critical Deadlines: For new entities created in 2024, there is a 90-day compliance window. Entities formed before 2024 must file by December 31, 2024.
- Penalties for Non-Compliance: Significant civil and criminal penalties exist for failing to meet the reporting requirements.
- Practical Advice: Tips on using passports for ID verification and tracking changes to ensure ongoing compliance.
Notable Quotes:
- Angelina Urquhart: "The days of you creating an LLC and having it owned by another LLC are still there, but you still have to now indicate who is benefiting from the operations of that entity."
- Angelina Urquhart: "Something as easy as a driver's license expiring or you move...if you move, there's a filing requirement."
- Chris Picciurro: "The penalties for not conforming to this are significant."
- Angelina Urquhart: "This isn't going away, it's a safety belt from financial crimes."
Get started today on being compliant!
- Visit www.teachingtaxflow.com/entity and hover over "Run a Business" in the header menu
- Click on "Compliance Service"
- Select "BOI Reporting"
- Use the discount code "TTF" at checkout for a 5% discount.
Have more questions on BIO?
Schedule a discussion with our guest, Angelina.
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Episode Sponsor:
Integrated Investment Group
- (00:04) - Exciting Insights on Accredited Investors and Financial Success
- (02:59) - Understanding the Corporate Transparency Act and Beneficial Ownership Reporting
- (13:02) - Navigating Business Ownership Changes and Compliance Requirements
- (19:09) - The Evolution of Seatbelt Use and Safety Regulations
- (20:32) - Compliance Deadlines and Penalties for New Business Entities
- (23:46) - Navigating Business Compliance and Avoiding Financial Pitfalls
109 episodes
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