If you own a real estate entity (like an LLC), the new Corporate Transparency Act (CTA) must be complied with soon.
I have my own attorneys on the show to discuss this today, Garrett and Ted Sutton.
You must report ownership information to the federal government. It must only be done one-time, not annually.
The penalties for non-compliance with the CTA can be as high as $10,000 in fines or up to 2 years in jail. Those penalties would be for the most egregious acts.
The intent behind the CTA is to prevent money laundering and terrorist financing.
If you don’t own real estate in an LLC, you probably won’t need to comply. There are pros and cons of using LLCs, which I discuss.
For help complying with the CTA, you can contact Corporate Direct at CorporateDirect.com or (800) 600-1760.
Resources mentioned:
Show Notes:
Corporate Direct:
CorporateDirect.com
1-800-600-1760
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