Corporate Transparency Act Explained

Corporate Transparency Act Explained | What You Need to Know

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If you're a business owner,listen up! The United States government have been making significant changes to their anti-money laundering laws. The Corporate Transparency Act will drastically affect reporting requirements for businesses of any size. How will this change your company? Tax expert Karlton Dennis explains everything you need to know on today's episode of Taxes Made Simple!
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Пікірлер: 611

@SpeedisSpeed 11 ай бұрын

We need a government transparency act .

@Stonefactor 11 ай бұрын

Facts

@user-kh3hm1dd7h 11 ай бұрын

They were very Transparent They're Letting You know WE THE FEDERAL RESERVE PRIVATE BANK IS CALLS THE SHOTS its thier Paper note that they Rent to the U.S since Woodrow Wilson was president The Same time Period The Fed was founded so was the I.R.S They are Not the So called BIG United States Elected GOVERNMET Servants that Foxnews watching know nothings always type 🤣🤣 The FED & IRS are Private Entities Owned by Families

@RealLife73 11 ай бұрын

Absolutely!

@mstoniyolanda 11 ай бұрын

Word!

@christiankalala840 11 ай бұрын

I totally agree!

@jeremymorris6738 11 ай бұрын

This is just another move to eliminate small businesses.

@JusJ0 7 ай бұрын

Absolutely!

@freewillchoice8052 7 ай бұрын

Exactly, to destroy the middle class so there are “rich” and “poor” and nothing in between

@sharaudramey9336 6 ай бұрын

Exactly

@neckbones17 5 ай бұрын

Facts

@biggidaman777 28 күн бұрын

Yup!!!!!!

@B0HICA 7 ай бұрын

If they were cracking down on criminals, the government would be out of business

@samcramer812 5 ай бұрын

Love it ! And it’s the truth.

@christiankalala840 11 ай бұрын

Soooo, basically the exemptions are the kind of companies that will more than likely commit money laundering....this is ridiculous! We need a younger generation of leaders to run this nation

@AustinAOkay 9 ай бұрын

That’s how all ales are done to EPA made it so only multi billion companies can pay off fines for major pollution as the cost of business

@KeiSpeaksLife 7 ай бұрын

FACTS

@theemperorsnaked2760 7 ай бұрын

It's because those businesses are already filling this kind of information & are even more closely monitored with very strict regulations. It doesn't 100% guarantee there is no corruption with those businesses, but it is quite difficult.

@EpartnersMarketing 7 ай бұрын

Agreed! The government can track down the exact location of where someone was during a Facebook live, but they can’t use IP Addressees, Bank Statements, or other technology to figure out who the real owner of a business is or the real address without us providing the information to them 🤔 Interesting 😳

@bogardsparks2801 7 ай бұрын

Right! That’s how Wells Fargo can make 3.5 million fake accounts.

@wecome2slay224 7 ай бұрын

When you notice to many people are becoming business owners & not employees you throw in a curve ball smh 🤦‍♀️

@TrillReese 7 ай бұрын

This going to kill small businesses this kills the economy

@geemcgraff8281 7 ай бұрын

Exactly

@mumzz127 7 ай бұрын

Yahtzee!!! "Its cool if a few do, just not all of you!

@luwilliams1059 7 ай бұрын

Absolutely! You know who they’re targeting

@flower_of_ra5604 7 ай бұрын

Facts. Government Monsters

@milagrosripski7679 11 ай бұрын

The ones who need this are our actual congress.

@Shreeree441 11 ай бұрын

They’ll find a way to slip out of it

@tradingcardtraderspittsbur2936 7 ай бұрын

We need to make sure that we vote out anyone who voted for this law. This is the government moving the goal post in the middle of the game. The 1% knows that we are learning how to build wealth and they are trying to stop it.

@luwilliams1059 7 ай бұрын

Ditto!

@ugcwithsunny 7 ай бұрын

H.R.2513 - Corporate Transparency Act of 2019 Sponsored by Rep Carolyn B Maloney (D-NY-12) Introduced 5/3/2019 Votes by party: Democratic - Yeas 224; Nays 5 | Republican - Yeas 25; Nays 167 Total votes: 249-173 source: congress.gov

@kevincodom1 6 ай бұрын

Exactly!!

@Ucancallmenobody 6 ай бұрын

Voting won't mean much. Both sides are in it. Start learning how to operate in the private where the same rules don't apply.

@sharaudramey9336 6 ай бұрын

@@Ucancallmenobodyok qanon

@NJ_ESSEX 7 ай бұрын

This is a wild move. Love how they exempt all of their businesses. Crazy

@milagrosripski7679 11 ай бұрын

Funny most of companies exempt are the ones most likely are quality of breaking this very crime. Crazy. Going for the little guy, the basic middle class business.

@Silhouette_1 11 ай бұрын

Always.

@TechgameTony 11 ай бұрын

Took the word’s out of my mouth. What a joke!

@investmentanalyst779 11 ай бұрын

Those industries are already reporting the information, as regulation in those industries are the highest. As you saw, majority were financial companies. This exemption is usually due to the fact that these institutions are already subject to extensive regulatory oversight that requires disclosure of ownership and control structures. Financial institutions are heavily regulated by agencies like the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC) in the U.S., among others. These regulatory bodies have stringent requirements for financial institutions, including the regular filing of detailed financial reports and undergoing comprehensive audits. Because of this existing level of scrutiny and transparency, the beneficial ownership information is often already available through other means. Therefore, requiring a separate Beneficial Ownership Information Form is generally considered redundant.

@beansandwiched 11 ай бұрын

Is this why they wanted to hire those 20k with IRS agents and dump $80 billion to go after the little guy? 😂

@investmentanalyst779 11 ай бұрын

@@beansandwiched they are going after those that aren’t reporting all their income in addition to those they are already taxing. People with money are following the tax rules. Buy assets and you’ll get favorable tax treatment. If you don’t find a way to make money while you sleep, you’ll work until you die. - Buffet

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@maddog5814 10 ай бұрын

This is exactly to prevent small business to flourish, its all part of the plan.

@bicyclexx7 11 ай бұрын

All of the businesses that that are plagued with most corruption are exempt . Must ask yourself how is this possible?

@Ken-1 11 ай бұрын

exactly

@maddog5814 10 ай бұрын

Because they are the ones who fund campaigns. Think of our representatives as spokespersons of those entities. It would be in their best interest to squash down small businesses while they grow larger. Who controls America? I think large corporations do, all the biggest CEOs that you can think of are in control. Money talks.

@bicyclexx7 9 ай бұрын

@@maddog5814 welcome to the fascist USA

@taswats1003 11 ай бұрын

I dont think it’s about money laundering because most of them qualify as a large business its just to be in control and in the noses of the everyday legit business owner

@nocarbsnation 11 ай бұрын

Congress doesn't like competition. Money lauderers trying to crack down on money laundering. Can't make this up 😂

@neosupreme7971 11 ай бұрын

"Because see, the government comes for the regular people first" - Heathcliff Huxtable

@bluewater454 11 ай бұрын

Meanwhile, the government becomes less transparent every year.

@shanshansenlightment4985 11 ай бұрын

This gov b.s just get horrible as time goes on. It's ridiculous..

@justbdsd4569 7 ай бұрын

All those business that got excempt are the actual scammers

@zentec010 11 ай бұрын

This bill is to go after all people who have committed crimes in their past and now to make a living by going into business themselves. The people who will be targeted are the ones who have had past crimes so they can always be harassed even though they did their time and just want to go legit.

@kodeezieproductions 7 ай бұрын

@Kamalz010 • exactly! I was searching for a comment like yours. The feds need a database on individuals who were once deemed "criminals" who are now legit and flourishing. They need to trim down that pipeline and put more regulations on those specific industries that allow a past felon to create generational wealth.

@earthsign28 7 ай бұрын

That makes sense

@Cant_find_good_Handle 8 ай бұрын

It’s basically another law that seems like it is not that bad, but will be selectively enforced if the government does not like what your political views are, and a prosecutor needs some press for there resume. This will be like how you are much more likely to get audited if you speak out against something or someone in government. The fact that it is easy to forget sending in the paperwork or misunderstand something makes it a perfect law to put on a checklist of random crimes to check for if the government wants to target someone.

@Daniel23544 6 ай бұрын

Bingo!!!

@jengard4251 8 ай бұрын

My question is how will these six agencies that have access to the sensitive information totally avoid the information from being hacked, compromised or leaked out online or any other place once given to them?

@faralyn11 6 ай бұрын

They will get China to store and manage all the personal information...LOL

@Sumiya-lp8mm 5 ай бұрын

Exactly, known havkers who I'm actually trying to keep my information from have connections to these agencies.

@nasrhussain9126 Ай бұрын

Eventually it will be hacked and leaked.

@barneyrubble4827 Ай бұрын

They wont be hacked bc theyll make the data available to the "right" entities

@theblackvalley1000 11 ай бұрын

Yes we do need government transparency 😢..

@boujievegantherapist 6 ай бұрын

So the entities that do the illegal activities are all exempt. Got it!

@Urg4nm0m 10 ай бұрын

Will politicians have to adhere to this law or just everyday people?

@user-fc2hy2gx6i 7 ай бұрын

So all I'm getting from this is, the big corps who already steal from the citizens are still exempt from robbing the people and small corps are going to have to expose all of there privacy or pay a fine or go to jail because we are at the lowest of the pole😢 this is ridiculous and you have to submit to violation of privacy, as an LLC or S Corp or damn near loose your freedom. This is unbelievable all Companies should have to comply Large or Small, 1 or 100,000 employees.

@richhands5269 11 ай бұрын

My three favorite channels: Karlton Dennis, Stock Brotha, & The Table With AO. Make my week complete! 🔥 🔥 🔥

@LynchMob09R 11 ай бұрын

Agreed 💯

@dragonov33 11 ай бұрын

So everyone is exempt except mom and pop businesses.

@neckbones17 5 ай бұрын

Yep…. Wow😮

@AstheNationSleeps 7 ай бұрын

No, I do not have any peace of mind of the 6 types of entities that will have access to my business information...I do not trust them...period... But appreciate you Karlton!

@mac450 7 ай бұрын

Many businesses will close their doors and go over seas. I see this coming.

@dalevaughn9446 7 ай бұрын

they will close down and not form in the first place.

@themisfitjoe 11 ай бұрын

The issue isn't who is "allowed" to have this data, but likelihood of breaches or them "accidentally" releasing information that gets me annoyed about this

@tradingcardtraderspittsbur2936 7 ай бұрын

Once they get hacked we better all file a class action lawsuit. Then we can just dissolve our businesses and retire with their money.

@kenwagner5843 4 ай бұрын

Encryption and equipment provided by the lowest bidder. The government track record is horrible. Expect more spam and ID theft attempts.

@Cedrcj 6 ай бұрын

What doesn’t make sense to me is, where is the proper notification that business owners are supposed to receive from Secretary of State?

@bradamen3269 4 ай бұрын

You get an email. It's great lol

@barneyrubble4827 Ай бұрын

They have MORE control if you dont know... CONFISCATE VIOLATORS

@archaicsage4803 8 ай бұрын

This is outrageous! We the people did not authorize this! It was hidden where we couldn't read it! This should be completely illegal!

@kharimarquette 7 ай бұрын

They snuck it in the 2021 Defense Bill.

@emekaokele2305 7 ай бұрын

Most Americans don't read, and of the half that do, most read on a 6th-8th grade level (by US standards) cut it out please

@archaicsage4803 7 ай бұрын

@@emekaokele2305 No, we need to spotlight this.

@nfcapps 7 ай бұрын

@@emekaokele2305so all our legislators are just stoopit instead of malicious? They are that ones who created this, didn't let their fellow legislators read it, and then everyone voted on it like a bunch of lemmings.

@miguelrivera5128 11 ай бұрын

You are the REQUIRED channel to watch when doing business. Thank you

@T_Nice 7 ай бұрын

I don't know how I missed this video when you aired it but I'm definitely going to check my notifications again and I'm definitely on top of everything that you mentioned in this video. I thank GOD for people like you and thank you!💝

@lesthanzero 11 ай бұрын

Another informative video affecting my business that you brought to my attention. Wow!!

@YungShadBeatz 7 ай бұрын

Is it the government’s job to make life harder for the people? It’s like they just sit around and think of ways to make things more difficult. Smh

@denises3779 7 ай бұрын

This what happens when common ppl talk too much. What do ppl do....I started an LLC yesterday I've made 20 million dollars in 24 hrs. Watch how every 8 to 12 years when ppl are doing better the government create problems that takes everything from us and leave us broke in an instant

@gailjones7044 7 ай бұрын

You better PREACH!!

@coachcortneyrose 4 ай бұрын

Karlton Dennis breaks down the Corporate Transparency Act with such clarity and detail! His explanations make complex tax topics so much easier to understand. Great job, Karlton!

@lennylove4830 6 ай бұрын

Very informative, critical, and valuable pieces of information. Really appreciate the hard work you put into providing the very best on corporate tax information Karlton. Really appreciate it. Thank you so much.

@Ann-hm7gj 11 ай бұрын

Thank you for the information.

@EpartnersMarketing 7 ай бұрын

The 🏦 don’t have to file the report, but the small business owners that put their money in the bank need to file the report 🤔

@strohmeyerlawpllc 7 ай бұрын

Generally speaking, the exemptions go to entities that have already disclosed their ownership and control structure to another government entity or have some higher level of government agency scrutiny, by agencies like the Securities and Exchange Commission (SEC), the Federal Reserve, the IRS, and the Office of the Comptroller of the Currency (OCC). Of course, the money launderers they're going after with this could still set up an exempt entity to get around this, but that doesn't seem like an easy path.

@EpartnersMarketing 7 ай бұрын

@@strohmeyerlawpllc Thanks for clarifying :)

@ZitaGrantAuthor 7 ай бұрын

Thanks, Karlton for this short, to the point video. 🥰🥰

@saphahmelkisedek9762 7 ай бұрын

This is the BEST video ive seen so far! Excellent presentation.

@TomHerrick 11 ай бұрын

Thanks for the heads up!

@goldenrulebanner2896 7 ай бұрын

Very well explained! Thank you!

@richardmasters2045 7 ай бұрын

The companies that are exempt are the main culprits lol

@cassd4492 7 ай бұрын

The main ones that can access your information are the main ones we need to be protected from.

@katherts 5 ай бұрын

Really well researched, presented and very comprehensive. Thanks so much!

@denisebello7461 7 ай бұрын

This was a great video. Very informative & to the point. Thanks

@tiffanysbeautifuljourney 7 ай бұрын

Thank you! This information is well appreciated. 🙏🏽❣️

@travissk5036 9 ай бұрын

Great Content. Thankyou

@TheModernDayMatriarch 8 ай бұрын

Great information and explained in detail.

@schonique 6 ай бұрын

Thank you for this version of the steps are needed.

@lacrews10 7 ай бұрын

Thanks Karlton for sharing this information in an easy to understand way. It's amazing how you can consume this government garbage without stressing out.

@derrick4544 7 ай бұрын

His information is not totally accurate - especially when it comes to Partnerships.

@Tim0thyX 7 ай бұрын

You stay on top of your business! thank you!

@robr22pilot 11 ай бұрын

Looks like Joe and Hunter are exempt.

@lemonpepperwings698 Ай бұрын

😂😂😂👍👍

@spookybooscarystorytime 11 ай бұрын

Do they think all startups are rich or something?

@ethanking4954 11 ай бұрын

They don't care.

@xsims45 7 ай бұрын

No they don't want u to get rich.. rich get richer

@Mr.Oct___ 7 ай бұрын

It's not that big of a deal. This is nothing more than an extortion measure. The people who don't want to be identified will simply pay the 10k & keep moving.

@Mr.Oct___ 6 ай бұрын

@@DarkisArt Fine OR jail is wut was conveyed.

@TheJackBaker 5 ай бұрын

They are preventing phantom shell corporations.

@asswuppin 7 ай бұрын

So my question is will this act leave people who are trying to protect their wealth and assets from divorce, lawsuits and things like that vulnerable? I was under the impression that anonymity was the firewall necessary to keep one's money from those who wish to separate it from one's wallet.

@Ms-fb2tw 7 ай бұрын

Best video on the subject. Thanks greatly Sir.

@mstoniyolanda 11 ай бұрын

Great video..need to find someone like you but for Canada.

@DL-1 11 ай бұрын

What are entities that assist a tax exempt entity? In what capacity and what are the guidelines?

@cesars8137 11 ай бұрын

Thank you boss🙏🏽🙏🏽🙏🏽

@rross415 7 ай бұрын

thank you for your time sharing this information

@benabopp459 5 ай бұрын

Thank you for this video! Quick question, if you change or add trade names is there anywhere I can see the deadline to get those updates to FINCIN?

@j.altario2619 6 ай бұрын

Im thankful to live in a country where we can still start businesses and make money

@TheBLACKboard65 6 ай бұрын

I'm sure you're being facetious.

@smartdoctorphysicist3095 7 ай бұрын

Hi thank you very much, I will keep you in book.

@calvinpadgett8987 7 ай бұрын

Thank you Karlton!

@floraOTv 6 ай бұрын

Thank you so much for the information

@williamrichards5241 8 ай бұрын

What do you do when an investor refuses to disclose and you can't currently legally force them to? Doing so would be violating state law and company organizing documents?

@MiskimVeniceJohnson 7 ай бұрын

Thank you, greatly appreciated.

@MsLearnandEarn 7 ай бұрын

Most helpful. Thank you!

@dennisstinson4023 3 ай бұрын

Thank you...this was very helpful.

@zboyd8843 7 ай бұрын

Thank you for clarity..... LLCs that were created in 2017 but were never in operation as a functioning business, ,are they subject to filing a BOI report?

@q-moneyproductions3655 7 ай бұрын

thanks Karlton!

@joannschoolfield1275 7 ай бұрын

PPP loans have everything to do with why this was created. It will help the government catch the LLC's who lied about their small buisness. Prevent and catch Tax fraud. I told people they were setting up ways to recoupe back that PPP Loan money. 10:09

@bentleyjim1 8 ай бұрын

great, to the point!

@garagedancer122 7 ай бұрын

One of the biggest asset management firms operating in America has been using 3rd party LLC fronts to hoard residential real estate in nondescript yet desirable areas

@true-n-living 7 ай бұрын

Which company is that

@ChristieCass-fe4tp 2 ай бұрын

Wow! Thank you!

@shanedefreitas8925 9 ай бұрын

I can see an issue with Foreigners starting up a new LLC and trying to get an EIN number, and then trying to get it done with IRS with in 30 days so they can be Corporate Transparency Act compliant. Foreigners dont get to apply online and can take a long time to get.

@Deeminuz 7 ай бұрын

TY for explaining

@Ms.LaShun 7 ай бұрын

Thank you!

@chitowntexan 7 ай бұрын

Thank you!!

@rahzarkenyatta 7 ай бұрын

Exempt Companies. Sole proprietorships, common law trusts, and general partnerships are not currently within the definition of a Reporting Company because they are not formed by filing a document with a Secretary of State or similar official. Accordingly, no filing from these businesses will be required at this time.

@chrispaulus4491 5 ай бұрын

So, if my self-directed IRA owned rental property LLC’s in a custodial account, I would be exempt from filing. However, if I have a partner in the same LLC who is not exempt the LLC would still need to file? Is it the LLC that needs to file or the individuals who own the LLC’s?

@gerardolopez9368 6 ай бұрын

Karlton thank you wise sir📚🏫

@gto9073 5 ай бұрын

Question Karlton: If you purchase RE in Panama, with titled ownership as a Panamanian LLC, which doesn't do business in the US, but the beneficiary lives in the US, do you still have to file the BOI?

@Bugzynite 7 ай бұрын

What if you want to reactivate an inactive existing business will you have to file that same year or ongoing the next year ?

@vinorixus887 7 ай бұрын

Thank you for this :D

@waltyrs 11 ай бұрын

ya, the 6 entities are all the entities who I DON'T want my Bio information going to. I could care less about the public having this info!!!!

@TreeE30VeRT 7 ай бұрын

i heard from another tax specialist that this is also to stop people from opening an llc in other states they dont reside in and will close your llc if your personal address doesn't match the state where your business was opened how true is that?

@moneytothemoon229 7 ай бұрын

Thank you

@MyPrimeone 7 ай бұрын

Thanks for the info 👍🏽👌🏽🙏🏽

@mamdat8859 7 ай бұрын

How much does it cost to file your BOI with Fincen and will this have to be filed every year?

@SirGeraint 11 ай бұрын

Very timely. (But different, I know.) Minutes ago I had to give my Broker my home address for my LLC online business because they didn't like the only physical address I have for the online LLC. I don't want to lose my anonymity.

@Mr.Oct___ 7 ай бұрын

Then just pay the 10k & ignore it.

@christopherort2889 7 ай бұрын

@Mr.Oct__ then they jail you_

@yermobugatti3489 6 ай бұрын

Does a Single Member LLC apply to the requirements for filing the BOI? Thank you for the heads up and advise on this!

@j.altario2619 6 ай бұрын

Yes

@show_your_teeth 11 ай бұрын

what is an " Entities assisting a tax-exempt entity" structure?

@strohmeyerlawpllc 7 ай бұрын

Under 31 USC § 5336(a)(11)(B)(xx), an "entity assisting a tax-exempt entity" is any entity that meets these 4 requirements. (A) It operates exclusively to provide financial assistance to, or hold governance rights over a tax-exempt entity described in 31 USC § 5336(c)(2)(xix). (B) It meets the definition of a "United States person" under 26 USC § 7701(a)(9). (C) It is beneficially owned or controlled exclusively by one or more United States persons that are United States citizens or lawfully admitted for permanent residence. (D) It derives at least a majority of its funding or revenue from one or more United States persons that are United States citizens or lawfully admitted for permanent residence.