What Is The Corporate Transparency Act and What Do I Need To Do To Comply?

Toby Mathis Esq | Tax Planning & Asset Protection

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Curious about the Corporate Transparency Act and its impact on your business entity?
Discover everything you need to know about the Corporate Transparency Act and how it will affect small businesses in the United States starting in 2024. Find out the key details and steps to ensure compliance with this new law.
📌 Key Insights Covered:
- Overview of the Corporate Transparency Act
- Requirements for Compliance
- How It Impacts Your Business
- Step-by-Step Guide to Ensure Compliance
- What This Means For LLC Owners
Stay informed and subscribe to our channel for more updates on business regulations!
Chapters
0:00 Intro
5:25 Reporting You Need to Know
10:00 What Are The Penalties?
16:06 Breakdown of FAQs
23:15 Ownership Interest
28:01 New Companies
32:26 Outro
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#tobymathis #CorporateTransparencyAct #BusinessCompliance

Опубликовано:

26 июл 2024

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Комментарии : 91

@TobyMathis 2 месяца назад

Would you like to learn more about this topic and talk to someone? Schedule a free consultation here: aba.link/y1r

@gaiustacitus4242 5 месяцев назад

It isn't just about government trying to stop money laundering; it is another way to collect information and build a database of the activities of law-abiding citizens. This law will not in any way reduce money laundering or do anything to identify those behind such activities. As you've noted, those beneficial owners who own less than 25% are not required to be identified. A group of four or such individuals can still organize businesses and have a patsy who knows little or nothing about how to actually run a business serve as the front man. They could even find a homeless person and pay him or her a trivial amount every time a document or check needs to be signed.

@CryptoJay 6 месяцев назад

Another agency collecting data on people, gee what could possibly go wrong. Great insight as always!

@Bill_CBR 7 месяцев назад

Tony, thanks for being a man of your word. You said you'd make this video, and here it is. Thanks for clearing up a lot of this for us.

@TobyMathis 7 месяцев назад

My pleasure!

@nevastrong2850 7 месяцев назад

Thanks for this info. Attending the Vegas tax & asset protection workshop. The information shared is fantastic. Appreciate learning so much every day.

@TobyMathis 7 месяцев назад

Glad it was helpful!

@anthonykohlmayet2234 7 месяцев назад

You do realize that this will still have no effect for the corrupt, except they and THEIR LAWYERS will use it against law abiding citizens?

@randallcotner2155 7 месяцев назад

Could you tell us more and specifically in what ways?

@brusso456 7 месяцев назад

all the real money laundering is done by the big banks. we are talking billions and billions.. but all the little people can not send $10K without reporting it.

@bmtenoch8230 7 месяцев назад

bless your heart @@randallcotner2155

@jm7974 7 месяцев назад

seriously? every single stupid year for every single stupid entity? wtf.

@user-br8ry5zf3u 6 месяцев назад

so helpful - thank you!

@TobyMathis 6 месяцев назад

You're welcome!

@tayloraudioslc 7 месяцев назад

I appreciate your positive outlook towards this, but if it wasn't nefarious, why was it buried in an unrelated bill? Sure, it's not supposed to be public, but I don't think I believe that. No additional bureaucratic rules are ever a positive thing.

@TobyMathis 7 месяцев назад

I am trying to be an optimist on this:-) I see the problem and believe this could do some good - if used correctly. But it does seem to punish law-abiding citizens with additional compliance that is absolutely burdensome.

@GrandpasPlace 7 месяцев назад

Wait, if a bank can request the information from FINCIN then it is not private. Bank records can be subpoenaed by council. So a person suing your LLC can get the information. As most advise you use the same bank for all your LLC's, they could theoretically get a list of all the LLC's you own.

@TobyMathis 7 месяцев назад

Being a public record and having access via subpoena in a legitimate dispute are two different things.

@GrandpasPlace 7 месяцев назад

@@TobyMathis You know, social security cards were never supposed to be used as an ID. It's a slippery slope. Most are saying that an attorney would not be able to get the information from FinCin, but you just showed there is a hole in that argument. Especially if they can subpoena the bank for the records. I would also note that legitimate dispute is not defined, people tend to be sue happy and sue for some of the dumbest things. If an attorney thinks he can get money.

@TobyMathis 6 месяцев назад

It is not a public record. If I sue you and ask for your tax return, you should tell me to pound sand. If the tax return is somehow relevant - ie divorce - it might be discoverable, but it is still not a public record. One of the major tenants that we teach is to create anonymity for our clients so we do not invite lawsuits. The idea is that homeless people are not sued for their assets - so try and look as homeless as possible in a public record search. The CTA does not change that. @@GrandpasPlace

@maxiewex1496 7 месяцев назад

Thanks!

@TobyMathis 7 месяцев назад

I appreciate the SUPER THANKS!

@MJ-ge6jz 7 месяцев назад

The information you are seeking is in fact taxpayer “return information” and information pertaining to “taxpayer identity” as defined under 26 USC §6103(b). FinCEN is a federal agency and is subject to the provisions of 26 USC §6103(b) regarding the disclosure of taxpayer return information. In order to collect, use or store this information, your agency would need to make a written request to the Secretary of the Treasury, or obtain the consent of each beneficial owner for the reason that Company Name, LLC does not have such consent, nor does it have the legal duty or authority to require such disclosures.

@borntodrive7098 7 месяцев назад

Toby, amazing information as always. I have been viewing your videos for a few months and have gained so much great info and can't say enough how much I appreciate what you do here. On this particular topic I am still confused how this will prevent the crooks since they are not law abiding to begin with. Could you at some point maybe do a video of how FinCEN will use this info to find them, say who will police it and how? To me it's like saying lets make laws to illegalize guns to stop murders. Do we really think murders will no longer have access to guns this way?

@TobyMathis 7 месяцев назад

Absolutely - I will be watching this as will others. The idea is that someone who controls a company either via an undisclosed option, a position or power, or some other normally "untrackable" means will be required to report. Failure to do so will give the government a tool to punish them when caught. Reminds me a little of the FBAR regs where people who hide money get the stuffing kicked out of them when caught.

@LeviHeatonIII 7 месяцев назад

"It's for crooks, not you", unless you are a well connected corrupt politician, family of a well connected corrupt politician, friend, or donar. So... It is for you! It is absolutely for you!

@EvgeshkaVideo 4 месяца назад

How does it work with Series LLC? Is it one filing or one for each LLC in the series?

@firstandlastname2090 7 месяцев назад

Toby, I respect you & love all you do here on YT. But this FEDERAL KYC B.S. law is anything but benigne. Just the fact that small businesses must comply with it, but, "NOT" BIG CORPORATE entities over 100 million, is just another step in the coming control grid. This new law is to prevent small businesses from being able to survive on alternative, non-CBCD currency, when it rolls out. If they are indeed looking for "the crooks," then the BIG CORP C-Suits are the ones that they should be tracking. But they are not. Because these CEO's are all in the WEF brotherhood, all on board with DEI, SDGs, and all the other nonsense foisted on hard working Americans by unelected, crazed climate zealots. You know it, I know it, and most other self-employed know it.

@TobyMathis 7 месяцев назад

I am channeling my Life of Brian "Always Look on the Bright Side of Life" and trying (TRYING) to give them the benefit of the doubt. I have seen a ton of scam artists operate behind the scenes of multiple entities - they control matters and this will hopefully give them pause. The "Big Corp C-Suits" are all included in the definition of beneficial owners - so the CTA will do what you are suggesting. It will finally allow these people to be tracked. CEOs, CFOs, COOs, General Counsel (and a wide net of anyone who is in a similar position of power) all will have to report. I get you 100% - though. You may ultimately be correct if this goes the way of the Patriot Act - I am just hoping finCEN does not abuse its power. 🤞

@timelessfinancialservices4364 7 месяцев назад

@@TobyMathis " I am just hoping finCEN does not abuse its power. " I haven't known the government NOT to abuse their pwer.

@FishFemme 7 месяцев назад

NGL, I’m trying not to read anything into the checkered floor in the picture behind him.

@johngatsby1473 6 месяцев назад

But as a business owner and property portfolio owner i look for anonymity. I want no one being able to go after me legally. Does this mean my information could be leaked out to some ambulance chaser looking for easy money? You said its anonymous just like our tax returns but they got jold of Trumps returns which is scary.

@anntiup 7 месяцев назад

THANKS TOBY, ALWAYS COUNT ON "ANDERSON"🏅 👍

@TobyMathis 7 месяцев назад

Thank you so much for your support!

@resterAnonyme 6 месяцев назад

Do you have to re-upload the updated documents as the documents expire...if you can remember or is this report a one and done unless beneficial ownership changes? What is preventing someone from creating an LLC under the exemption and then changing the purpose of the LLC afterwards?

@TobyMathis 6 месяцев назад

The nuances of document updates and changes in LLC purpose are essential to address. To provide you with accurate and detailed information, I recommend attending our free Tax and Asset Protection Workshop to have this question answered live. Visit: aba.link/tmk

@gaiustacitus4242 5 месяцев назад

This requirement will drive many businesses to organize and operate overseas, selling only goods or work product to U.S. businesses. While doing so makes it more difficult to transfer wealth from other countries, it is little more than a nuisance.

@sadams6663 7 месяцев назад

Will Anderson file those for its Platinum clients?

@TobyMathis 7 месяцев назад

Give us a call Toll Free 800.706.4741 =)

@organizer14 7 месяцев назад

Are living trusts or grantor trusts required to file?

@TobyMathis 7 месяцев назад

Thank you for asking this important question! I recommend setting up a free strategy session to discuss the correct living trust strategy. Visit: aba.link/y1r

@jarrettosburn8879 7 месяцев назад

Do you have to have a trust in order to have the LLC as S-Corp?

@TobyMathis 7 месяцев назад

Great question! To explore the details of using an LLC as an S-Corp and the role of trusts in your specific scenario, I recommend attending our Free Tax and Asset Protection Workshop. This workshop covers various aspects of tax and asset protection strategies, providing valuable insights to help you make informed decisions. Visit: aba.link/tmk

@FireyCam 7 месяцев назад

Does anderson file on behalf or not?

@TobyMathis 6 месяцев назад

yes - for our clients.

@humblewolf69 6 месяцев назад

Would you have to report a sole proprietorship LLC?

@TobyMathis 6 месяцев назад

Yes. Any filed entity unless it falls within one of the exclusions.

@humblewolf69 6 месяцев назад

@@TobyMathis thank you

@RichardWarner-df7dz 7 месяцев назад

Think this has something to do with the WEF and the great reset. So Klaus can see everything on the digital ledger?

@flyingjeff1956 7 месяцев назад

Toby, you're doing what you have to do. However, it's pretty obvious that 100% of this information is available form Secretary of State computer files. So, why rely on taxpayers to comply? As an attorney, you will figure this one out pretty fast.

@richardbryanesq 7 месяцев назад

Most states do not collect or require reporting of LLC members.

@jonmore6921 7 месяцев назад

@@richardbryanesq TX does...

@TobyMathis 7 месяцев назад

It actually isn't. Most states require a manager (which I can hire), a nominee (same) and do not require membership infor to be reported. We have set up over 50,000 entities where the ownership is anonymous (for good reason). The banks collect ownership info when an account is opened, but apparently, this is not enough for Congress.

@sleddy01 5 месяцев назад

The owners of those 23 exclusions have uploaded their passport pictures?

@blackdiamondrob 4 месяца назад

no disrespect but sounds like your just trying to see the positive like its no big deal, my spidey senses say no FN way! but how will your nominee service work with this CTA? is it all down the drain?

@RVI123 7 месяцев назад

That means < 25 % share in a llc need not file BOI info of that owner

@TobyMathis 7 месяцев назад

Unless they are in a position of control...this is a catch-all for anyone who has power over the entity regardless of ownership.

@johngatsby1473 6 месяцев назад

@@TobyMathisso I thought this was to weed out illegal activities yet they want to know who has control?

@brucey5585 7 месяцев назад

Sounds like it is easier to create an llc than flying in the us.

@Jeribeams 6 месяцев назад

they should call the exemption list 'friends of nancy'. and yea, this is gov over-reach. i wish every un-exempt business would refuse to comply.

@shippenman5977 7 месяцев назад

Sounds like brandon

@waynecmontgomery 7 месяцев назад

The law was passed under Trump

@christopheranderson6931 7 месяцев назад

Who?

@LittleBigPoet 7 месяцев назад

It was a bipartisan bill, so cry more.

@TheBrettMizer 4 месяца назад

I don't like the sounds of this. I have a friend who uses an anonymous Delaware LLC. So he's eligible for medicaid.

@realscotthogue 7 месяцев назад

I really enjoy your videos, however you trust the government far too much.

@anthonywood8587 7 месяцев назад

Question: So lets say you need to bring in about $100 mill from China, for ummm... Business....And you don't want this business to blow back on your daddy, but you also have a taste for hookers and other party favors, and aren't very good with details and sometimes loose your computer(s).....When I split the money up and write "loans" on the checks that I cut to all of my...lets say.......business partners.....how many LLC's do I need to run the money through for the "loans" that I'm paying back my "partners" in order to not set up off any red flags with FinCen? 😛

@christopheranderson6931 7 месяцев назад

....what?

@Paka6267 7 месяцев назад

EXEMPT!!!

@ArmandoMartinez-nf9ir 7 месяцев назад

It depends. Why did the Saudis give you $2 billion dollars? Oh wait...wrong nepo baby...

@DefiKingPLS 7 месяцев назад

Don’t forget the “Big” man 😅

@borntodrive7098 7 месяцев назад

Bingo!!!!@@Paka6267

@glennhurley3026 7 месяцев назад

Another law to waste the time and money of honest people that the crooks will immediately falsify or ignore

@kellybarnett7578 6 месяцев назад

Vote Trump in Nov

@trk90941 2 месяца назад

Does this apply if you have a online business such as affiliate marketing or network marketing

@TobyMathis 2 месяца назад

Hey, I recommend registering for a complimentary consultation with my team. We'll tailor our advice to your specific needs. Sign up here: aba.link/y1r