Ep 4- Reporting You Need to Know About

What you need to know as a small business owner regarding the Corporate Transparency Act that's set to go live on January 1, 2024.

Unless you're in 23 specific industries, this will and does impact you and it's important to be informed on the subject so you can take the best next steps for you and your business.

This impacts all entities so if you’re a sole proprietorship, this shouldn’t apply to you.

Overall, this act transferred the responsibility from banks and financial regulators onto small business owners.

However, while the reporting itself isn't live until January 1, 2024 - it does not appear to be anything complicated or difficult to navigate.

That being said.. as always, reach out with any questions you may have! @gracefulpenny on IG.

FAQ regarding this reporting: https://www.fincen.gov/boi-faqs#B_2

Website itself: https://www.fincen.gov/boi

Corporate Transparency Act itself: https://www.congress.gov/116/bills/hr2513/BILLS-116hr2513rfs.pdf

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PODCAST DISCLAIMER:

This podcase is for educational purposes only. It is here to guide you on your pathway to ethical business choices. This information is not to replace the advise of your accountant or lawyer.