12/12/2023
BIG BROTHER WANTS MORE INFORMATION
Under the Corporate Transparency Act the Financial Enforcement
Crimes Network NOW requires disclosure of the benefical owners of all small companies. Small companies is defined as Corporations C and S, LLC's LLP's and Partnerships with 20 or less emplpyees and less than $5,000,000 in sales. Some Trusts and sole propietors --- maybe. This new Reporting requirement starts 1/1/2024. This is not the responsibility of your Tax Preparer nor your Attorney to prepare.Failure to file fines are $10,000 and $500 per day. The government says it will only take 20 minutes to fill out the form--HOWEVER the form has 56 pages of instructions. If you are one of my clients just call if you have any questions or seek assistance. If you are not one of my clients you have one of 2 choices. Sign up to be a client or call your people.
