Accountant Explains: Corporate Transparency Act (2024 Update)

In this video, I take a look at the Corporate Transparency Act and tell you everything you need to know in easy-to-understand bit-size chunks. But if you have any questions please let me know in the comments or feel free to book a call with me - www.jamesbaker...
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Check out James’ top recommended videos here - these are cornerstone videos that should answer many of your questions.
-----Longer videos that explain it all!
How to Legally Pay NO US Taxes - • IRS Secrets: How to LE...
How to Legally Pay NO US Taxes (part 2) - • Are you a Non Resident...
-----Guides and How tos
Annual reporting for a foreign owned multi member LLC (Masterguide) - • Tax Laws for Foreign-O...
What is Form W-BEN and why do I need it • How to Fill Out W-8BEN...
Which payments from US Companies are subject to withholding? • Which US Payments are ...
How to complete Form W-8BEN - • 🧾🔍 HOW TO complete Fo...
How to complete Form W-8BEN-E - • How to Complete Form W...
How to get an ITIN - • Get A ITIN Number - W-...
-----And don’t forget to check out all of the “CALLS WITH JIM”
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How to get a Florida Resale Certificate, Part 2 - • Get Your Florida Resal...
How to file a DR-15 Florida Sales and Use Tax with 0 Sales - • Florida Sales Tax Fili...
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Lawyer Disclaimer (Occupational Hazard): This is not legal advice. Everything here is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney for advice regarding any particular issue or problem.

[@crazy_vulcan]

I just find it interesting that this report reporting is only required for companies with less than 20 employees. This is an undo burden for small business that conveniently doesn’t touch large businesses

[@m.weston7114]

Criminalizing the common person under extortion by threat. What was lawful one day, you will now be fined and treated like a criminal the next day for non-compliance. Think your free? Think again.

[@smokeyjayshouse]

What could go wrong when an out of control malicious government requires you to make it easier for them to look you up and mess with your companies and money.

[@robr9313]

This is not that. This makes it so people can't hide fraud or continue illicit ownership practices. If you want to hide ownership and aren't breaking the law, you'll be fine.

[@sagesantiago5860]

@@robr9313yeah same way masks were for public safety 😂😂👎 OVID DISAPPEARED LMAO stop being so compliant they make laws but don’t take them away

[@danwhitman1142]

@@robr9313 i agree with you however the issue is government overreach. when has government involvement ever worked out? never

[@robr9313]

@@danwhitman1142 Contract enforcement, interest rate management, civil protections... I could name literally a thousand government actions in the economy that have balanced and protected freedom and fair commerce.

[@brothersofwisdom]

@@robr9313 You are fooled, my friend.

[@michellecandis]

Thanks James, this is the most clear video on this topic. You basically answered EVERYTHING I see people asking all over :) Great video!

[@Sujetsi]

Something tells me this is only going to hurt the little man. The types of criminals they're targeting are going to find a way around this.

[@waynecmontgomery]

Great video, however, you're mistaken the government does share information between agencies. Please see the 1974 and 1988 Data Matching and Privacy Act. Also once you get past the criminal portion of the CTA, it is a data-matching database. You failed to mention tax-exempt nonprofits do NOT have to comply with the CTA.

[@jimbaker]

Very good thank you for sharing this. I’m going to look into it more.

[@smokeyjayshouse]

They don't have to comply because that's where the real financial crimes are usually committed. This is not about financial crimes. This is an exercise in complete control.

[@nissiaget2itacademy569]

Thanks do you have a KZbin page

[@hot.alaska]

Thank you for the clear break down of this new update. I am just now starting my first LLC and find your page to be super helpful.

[@judicrawford8701]

Wonderful video. Clear and concise and answered all of my questions. Thank you!

[@m.weston7114]

When dissolving any businesses, Corp, LLC, owner proprietor DBA checking account, etc, make sure you keep all documentation of sending legal documentation closing all of your bank accounts, dissolving corporation accounts, accounts with stores, businesses, etc. Send letters to the owners of these companies that do business with you in any business name, other than your personal name. Make sure you get a reply from these companies acknowledging the closing of your business name accounts. If you are no longer doing business in a business name, then officially end all business activities in that name and document it. If all of your business cease before the end of 2024, then why would anyone file to the BOI if all activity ceased?

[@AI-fb3kw]

Спасибо James, что ты так все подробно и просто объяснил.

[@deezel365]

Sir, thank you for this information; very helpful.. I have a question question; I have an LLC open since 2022, but the LLC has not done anything (no income, no expenses, nothing).. the LLC just “sits on the shelf”. Do I still have to file this report with FINCEN?

[@tubekrake]

I think the "current address" part could be a problem for many who are Perpetual Travelers.

[@rainshadowband3161]

I didn't even know this existed until my CPA mentioned it. In my circle of little S-Corp or small business owner friends that have been filing themselves to try and save some money instead of a CPA, most of them didn't even know this was a thing until I said something. I really wonder how many small businesses will get hit with this fine... Thank Biden

[@mikejessup9304]

Would you believe that an Attorney that helped me set up an LLC eleven years ago, thought I was making it up?, when I called to dissolve my LLC. There are a lot of small business people that haven't even heard of this yet!

[@lubo_yankov]

Do I need to file a BOI Report With FINCEN if I have less than $1000 of transactions?

[@davidsolomon1175]

What about DBA’s? Do sole proprietorships have to?

[@benjaminharrisongray9079]

"You're not a criminal it won't affect you" "You still have to do it" So I'm a criminal.

[@JamesBakerCPA]

Lol you probably aren't a criminal and I'm definitely not an English teacher

[@MichelleTidwell-pp2lz]

If you own an S-corp, does the president/ VP of the board of directors( different person than the owner) also have to be listed under the BOI since they have substantial control?

[@spicyboi2328]

is filinf BOI the same thing as Corporate Transparency Act?

[@christianstill.6654]

*So how do they determine who's deemed a criminal? What do they look/not look for? What if you're deemed a "criminal" politically (or even legally as a misdemeanor/felon)? Isn't this a slippery slope?*

[@robr9313]

no. a judge decides if fincen has to report ownership, just like every other warrant ever.

[@christianstill.6654]

@@robr9313 k. So if you have a warrant, you will be reported?

[@robr9313]

@@christianstill.6654 No, just like police entering your house, or taking your car, or any other action: in order to get your information, the entity/organization trying to do that will need to convince a judge that its needed. Same as it is for everything else.

[@christianstill.6654]

@@robr9313 When you have a warrant against you, you prove yourself AFTER the arrest. But I got you.

[@sagesantiago5860]

@@christianstill.6654thank you lol people acting like there aren’t Amendments ! How are you deemed a criminal thru fincen 😂 ohhh you’re not trying to pay your taxes that are almost 50% of anyone’s income as a “small business owner” or worker but if you make $25,000,000 it’s okay get those tax right offs 😂👎

[@hop2thetop382]

I have a new business, we'll under $1000 in revenue so far... llc. Do I need to make the report?

[@lillysmith1709]

But anytime you move to a different home or residence you have to Make changes with them.

[@thejilted]

I am beginning the process of closing an S corp before the end of the year, filing articles of dissolution and will not be taking payments in 2024, final termination in February, would i still have to do this?

[@jonathanrferrer]

Great video. Thank you very much for sharing.

[@user-pu5os3xv3n]

sir would make more explaination about the adress because i am a foreigner and i want to open an llc should i use a virtual address or i use a address fored by company such as incauthority for example ?

[@wizy1798]

Greatly explained

[@zakiel5415]

I opened my LLC on 10 of February, and I still didn't get my EIN. What should I do?

[@janebond3263]

Hello James, do you have step by step how to do that report_?

[@joseangelpenarrochedelgado5332]

Hello James, quick question. What happens if I have my LLC but I'm a foreigner and I'm not a US resident, but my company is only limited to provide software development services fully remote, ergo I don't need a physical address in US. What can I do in this case, considering the BOI requires this address field in the form?

[@RD_Business]

This is a great question. Unfortunately, this is why I stopped watching most of his videos. He seems more focused on gaining customers than on being part of a community.

[@addyofficial34]

What if we are planning on dissolving our LLC in 2024?? Do we still need to comply and report??

[@thejilted]

Same question, i’m filing to dissolve before this year ends

[@addyofficial34]

@@thejilted yeah but it takes 30 days to dissolve an LLC. Some accountants say that you can dissolve it before Jan 1, 2025 and you don't have to file if you do so. Let me know if you got any answers regarding this

[@thejilted]

@@addyofficial34 i looked at the fincen site and i qualify for the “inactive business” exemption. It’s the last exemption thats listed so scroll all the way down.

[@lorisamckelveydaye8123]

Hi, What about nonprofits with no executive director or employees? The Board would not financially benefit. Are they exempt?

[@JamesBakerCPA]

Hi! Follow the link in bio or find me at www.jamesbakercpa.com/ for a free consultation! 😁

[@samcramer812]

I am in the same boat sir. I am a retired developer. Just had to restart a new HOA not for profit Corporation. I however am not a beneficial owner. Attorney does not want to file for some reason. (Liability)???? Idk. I am struggling. It always takes me to fill out BOI and I am not a BO as I stated. Searching for site for my particular situation. On day three with several interruptions. The government employees relish making things up with big words and definitions and complicated forms that are difficult to understand. Yes it’s simple. But they seem to want to make it so important. Sound big.

[@organic7771]

Cost burden with business are so heavy that beneficiary of all those small entities is mostly the gov itself. If someone tax bracket is 30% than Uncle Sam is bemeficiary and have substantian controll over it ... just Uncle dont wanna share his his personal info.

[@MOstix13]

Do I have to report if I have an S Corp?

[@samcramer812]

Yes. Fact

[@NatMcCoy24]

Yes file a 2553 Form. You only have to file 1 every few years. Start one for this year.

[@donrussell3177]

What if you have a LLC series. Just one form under Master Company

[@samcramer812]

You must file. I’ve been working on understanding and finding where and how. That’s how I got here. If you filed with any Secretary of State. But there are some exemptions. Lots of reading to understand.

[@christy00008]

What about the investment brokers like interactivebrokers? Can request this info too.

[@jimbaker]

Sure I think anyone can request it.

[@DeRothschild]

This is absurd

[@user-ji7ei6bc3h]

Vote.Drain the swamps🇺🇸😎✌️💯🌲😇

[@JustJoshinYouBro]

So every company that has to file is a small mom and pap shop. 🤣 this is wild. Ill obey this bs when they decide to audit the government for money laundering.

[@danwhitman1142]

This is just an excuse to go after the ACTUAL WEALTH CREATORS

[@sagesantiago5860]

The problem with this is the “people” who own these LLCs who are the criminals don’t have to show their face cause they make $25,000,000 😂😂 they are still able to hide 😂. So basically get $25,000,000 so I can have my privacy THANKS AMERICA RFK JR FOR PRESIDENT DISSOLVE ALL THESE EXTRA GOVERNMENT ENTITIES THAT ARE TAKING TAX PAYER DOLLARS 😂😂😂

[@melhoresprodutos8899]

Well, Very Good vídeo James. I have the Questions : 1) in the Minute 6:11 the video About the ADRESS , if I do Not USA Citizens I can Use the POBOX for this Adress? ...2) The Investment in REITS do Not Need fill The Fincen Formulary ok? and 3) If I buy the Real Estate and have the 5 (five) partners, each 20% , do you think is necessary the Fill the Information or drop in the Exempt?