In this episode of the GPS to Your Business Success podcast, host Nick Papakyrikos, CPA, dives deep into the new Corporate Transparency Act (CTA) and its filing requirements with the federal government. This legislation affects a wide range of business entities, including corporations and limited liability companies, mandating the submission of beneficial ownership information to avoid hefty daily penalties.
Nick offers a comprehensive overview of who is required to file, which entities are impacted, the potential penalties for non-compliance, and essential steps to fulfill these new reporting obligations. He emphasizes the critical importance of understanding and adhering to these regulations to prevent costly missteps.
Episode Breakdown:
00:00 Introduction to the Podcast
00:26 Overview of the Corporate Transparency Act
01:02 Meet Your Host: Nick Papakyrikos
02:13 Sponsor Acknowledgements
03:44 Detailed Insights on New Filing Requirements
05:29 Real-Life Analogy: The Speeding Ticket
06:49 The Importance of Compliance and Potential Consequences
10:47 Who Must File and What Information is Required
16:31 Exemptions and Special Cases Explained
20:07 Filing Deadlines and Key Takeaways
24:45 Conclusion and Additional Resources
Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers
Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at steercrm.com.
Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at autoshopanswers.com.
FinCEN website: finCEN.gov/boi
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