Get Your Company Compliant with Main Street Business Services: https://mainstreetbusiness.com/
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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.
