Business LLC Owner Alert! Up To 2 Yrs IN PRISON & Big Fines if you don't file this report by 12/31

Bill Wilkins, Certified Financial Planner Practitioner TM of 29 years discusses the Small Business Alert: Corporate Transparency Act and December 31st Deadline to Avoid Fines and Prison

In this episode, we dive into the Corporate Transparency Act, which mandates small business owners to file a specific report by December 31, 2024, to avoid heavy fines or imprisonment. Entrepreneurs should consult with their CPA or attorney and refer to FinCEN.gov for detailed information. Effective January 1, all reporting companies, including LLCs, LLPs, and other entities, must disclose beneficial ownership information. This video walks through the requirements, exemptions, and penalties, emphasizing the importance of compliance to avoid severe consequences.

Feel comfortable filing yourself you can go to:

https://boiefiling.fincen.gov/boir/html

Want someone to help you file, you can reach out to us for sources.

513-641-6307
Email William.wilkins@lpl.com
Wilkins Wealth Management Group LLC
Website Www.YourCFP.com

00:00 Introduction to the Corporate Transparency Act
00:07 Importance of Compliance for Small Business Owners
00:56 Overview of Reporting Requirements
02:08 Penalties for Non-Compliance
02:26 Defining Reporting Companies
03:20 Understanding Beneficial Ownership
04:02 Exemptions and Special Cases
05:46 Final Thoughts and Resources
06:58 Conclusion and Disclaimers

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