Corporate Transparency Act | What Every Business Needs to Know Prior to Jan. 1, 2024

[@strohmeyerlawpllc]

3:40 Generally speaking, the exemptions go to entities that have already disclosed their ownership and control structure to another government entity or have some higher level of government agency scrutiny, such as the Securities and Exchange Commission (SEC), the Federal Reserve, the IRS, and the Office of the Comptroller of the Currency (OCC). Of course, the money launderers they're going after with this could still set up an exempt entity to get around this, but that doesn't seem like an easy path. 4:23 This is not an annual report. After the initial report, generally a report is only required if there is a change in the reported information or if the entity gains or loses its exempt status.

[@waynecmontgomery]

Great video!!! 501(c)(3) nonprofits are exempt from CTA or Corporate Transparency Act filings. Also, dormant companies are exempt from

[@rob_cpa]

Thank you, Wayne