Corporate Transparency Act: What It Means For Business Owners! (Final Rules 2022)

[@ClintCoons]

Check out my new site on the Corporate Transparency Act: cta.andersonadvisors.com/. (Tons of Info!!)

[@theprofitableperson]

We need this overturned. We the people have a right to privacy and to conduct our own affairs without constant reporting.

[@christophernoble5113]

Agreed

[@scottwhitley2242]

Absolutely Agree!! This is ridiculous. What a violation of privacy.

[@anthonyrussell9706]

Complete agreement.

[@cesterly4668]

Guarentee the elite 1% use these entities for privacy and without providing private info, address.

[@mikejessup9304]

I’ve asked this question numerous times and can’t seem to get an answer! What if you close your small business this year and retire, do you still have to report?

[@Foundry_made]

I have two words for this: BUSINESS TRUST.

[@harrisonfamily98]

Now Clint, you see the elephant in the room. I’m confident in Anderson and I know you guys will figure out a strategy to keep anonymity. Apparently that time has not come yet because it wasn’t addressed in this video.

[@deusvult6920]

Sounds like anonymity is about to get a whole lot pricier 😅

[@rawmean8989]

So say goodbye to all anonymity and the whole Anderson plan!

[@ClintCoons]

It still works. The CTA only shares info the government.

[@Luiiciano]

@@ClintCoons the government is our biggest concern

[@Zenas521]

Sounds like the end to anonymity. Now how do we protect our selves and businesses from predatory law suits?

[@speculativereality]

Doesn’t this in essence BLOWUP the whole purpose WY, etc Holco strategies and anonymity?! The premise of majority of ur content?

[@alliesteamc3546]

Very important and valuable info, thanks for keeping people informed. Also please do another as soon as one can get a fincin number so people don’t need to make copies each year, please do another KZbin video! Thank you so much!!!

[@ClintCoons]

I will once the procedure is released.

[@marcmedeiros8857]

Good thing they use companies overseas for their money laudering....

[@Michael-vc2cs]

Of all the people I don't want to know what I own, the federal government is literally the top of my list!

[@cesterly4668]

The whole reason individuals use LLC (non business individuals) not businesses or corporates, is privacy. more enroachment into privacy of individuals merely holding assets in LLC (no banking, no EIN, no money in LLC, no taxes) would be exempt correct?

[@ClintCoons]

No. Every LLC that holds an asset must report. Holding an interest in another LLC requires reporting.

[@knguyen215]

Clint how will this effect anonymity?

[@ClintCoons]

It wont

[@antonkaufmann9848]

Thank you for all the free information and advice you are giving! Question: Isn't the Corporate Transparency Act a game changer. Aren't all the anonymity and asset protection legal constructions including Wyoming, Nevada and Delaware LLC, Inc. and trusts useless, after 2023/2024/2025? Wouldn't it be much better to integrate a Cook Island Asset Protection Trust in the legal construct?

[@ClintCoons]

The anonymity provided by Wyoming and other states is not compromised because of the CTA. The information collected by FINCEN is not available to the public or a plaintiff attorney bringing suit against you or your entity. An offshore entity can possibly offer more anonymity but that is outside of my lane.

[@tututishtosh]

@@ClintCoons But isnt there a possibility the information can be leaked? Private information can readily be bought, as you have pointed out in one of your videos regarding the sites where one can buy personal information on folks.

[@antonkaufmann9848]

@@ClintCoons Thank you for the clarification

[@christianprime7550]

Would creditors be able to obtain your info easily now is the question I think most ppl want to know

[@ClintCoons]

@@christianprime7550 No. Access to the data is strictly limited to law enforcement.

[@AECase]

Great video! I have watched many others and it seems like a very big part of you services are dedicated to helping clients protect their anonymity... One of the ways I hear a lot about is a Wyoming LLC because ownership did not have to be disclosed...? Now it seems like all of those opportunities are gone... It is very clear that compliance is unavoidable, but I hope you can put up a video regarding options, if any, that may be available to similarly protect the client going forward.

[@ClintCoons]

Its not gone. Only the feds know and the info is not available to the public.

[@loric.4016]

Thank you for the update and keeping us informed about what's coming down the wire...

[@robertduffy5805]

If you let the camel get his nose under the tent the rest will soon follow. This has nothing to do with cutting down on crime, it will be expanded and they will require more and more information, it will be changed from private to public, and it will be a money generator in fees and fines. What's the filing fee? Oh, there isn't one well there soon will be. Lastly, it will be used to go after anyone that doesn't agree with whoever is in charge.

[@generalmgr7729]

Just another another tool for the corrupt far left and elites to eventually gain control of your hard-earned wealth.

[@matthewalkman386]

25%, no problem.

[@gabrieldineros587]

You need another video here about wyoming anonymity cuz u said b4 wyoming state doesn't require you to register the owner.

[@ClintCoons]

Correct but Fincen requires disclosure.

[@MsShepherd-p3v]

Yes I agree @clintcoons this is the part that is confusing to me. Even if Wyoming is not providing the information, now we are with the CTA requirements and there is a possibility of the Feds being hacked. What then is the purpose of the Wyoming LLC?

[@goddesszoya7367]

Thank you for explaining the new updates on the CTA. This law is so extreme; it's just another tool for these organizations to pry into the private lives of individuals. The IRS and state are already collecting information from us; why does Fin need copies of your driver's license, passport, and residential address. I understand the rationale, but the asks are quite extreme. I wish there was a way we can protect our privacy.

[@ClintCoons]

You bet. You can find more info here: cta.andersonadvisors.com/

[@EdgarRamirez-fu2go]

Well as long as it remains private information. I wouldn't worry so much the government knowing I own several entities / properties, but tenants who would want to get a big payday for any dumb reason.

[@gmx5051]

a non profit looks good right about now.

[@BigHorseman]

Really great video Clint. Thanks so much. As someone highly experienced in setting up entities you nailed how burdensome and intrusive this will be. I think for me, just hiring Anderson to handle everything seems like the best choice. I'd like to speak with you personally about it, is it possible to just call your office and schedule a call?

[@Zytx2]

Love this video, very helpful. I know I will have to file as I own an LLC, but what if someone runs a sole proprietorship?

[@ClintCoons]

no just business entities.

[@gmx5051]

what about a holdings LLC, that holds intellectual property? no sales, only holds copyrights and trademark..

[@ClintCoons]

Still have to report.

[@billw7222]

Bill Widener here, still loving your videos and use them quite often and plus I just wanted to say hello, lol. Miss you Clint!

[@ClintCoons]

Hello there! Hope things are well.

[@headlibrarian1996]

Requiring a copy of your DL or passport is obnoxious, in part because it implies all Fincen reporting can only be done on paper not electronically. Name, SSN, and address should have been sufficient.

[@noelcruz6226]

If the owner of a domestic LLC is an Offshore Holding Company residing in a place where they would never give up that info... What happens then ???

[@actuariallurker9650]

Great video for those of us with LLCs- thanks

[@ClintCoons]

Glad it was helpful!

[@b1beautysupply]

I didn't hear anything mentioned about the $500/day penalty if you aren't in compliance, even if accidentally. I didn't hear about it not applying to nonprofits, and I didn't hear you advise us to closeout any unused LLCs by Dec 31, 2023. We need strategies!

[@ClintCoons]

Great points

[@troyjackson3164]

better to go sole proprietor than llc than you are exempt from disclosing your information!

[@deusvult6920]

So then it seems the only purpose of wyoming LLCs etc is the protection from losing your holding company to a creditor or court action

[@ClintCoons]

Yes that is one of the benefits.

[@organizer14]

For nonprofits no need to file with Fin.corp.Act right?

[@ClintCoons]

Correct

[@troyjackson3164]

why is corporation with 20 employees exempt from filing?

[@osiris2426]

Thank you for this helpful information.

[@ClintCoons]

Glad it was helpful!

[@generalmgr7729]

So, if I understand it correctly - entities (i.e. non-statutory trusts or general partnerships that are, in effect, not required to file with SOS or any regulatory agency, are exempt from reporting under the CTA. But, if that trust or GP were to be 100% shareholder or member of a corporation or LLC, the trustee, beneficiaries and GP would be subject to FinCEN's beneficial ownership information reporting requirements, correct?

[@ClintCoons]

That is my understanding

[@ellenoir5678]

I gotta do my biannual report this week

[@Jrosp2si]

This is another step toward 1984

[@ClintCoons]

It seems like it sure has sped up in the past couple of years.

[@AmarAmte6644]

what is 1984? context?

[@bond-yieldbond007]

@@AmarAmte6644 it's a book. You should read it.

[@the_om_project]

What address do you use if you’re a digital nomad? So no home address.

[@ClintCoons]

You will need to list wherever you reside.

[@paralyzedsniper8052]

Hi Clint, thank you for the update video! What is the software you used for the drawings you did in the video?

[@ClintCoons]

Flow on an Ipad.

[@Unicorn-Black]

Clint, great video, do u need to report for a living trust?

[@ClintCoons]

No you do not

[@kravgirl7]

still never ever going to comply

[@maddog5814]

This is the most reticules law, as always there are unintended consequences that will only affect small family owned businesses. Meanwhile those who actually launder money are in the "exempt" category. Why are we allowing government to continue this blatant overreach?

[@gabrieldineros587]

Clint u said i can't use my business address under FINCEN but i just red the CTA it allows you to use your business address🤔.

[@AmarAmte6644]

Would this act apply to Federal Reserve :-)

[@kingfishstevens9128]

Offshore Companies?

[@marcushanna4016]

What if I started LLC but not using it

[@ClintCoons]

You must file if it holds any assets.

[@thespeedunion7716]

So in the long run what does this mean for anonymity? How easily could my information be available to the public?

[@ClintCoons]

It does not affect what is available to the public. This information will be kept private.

[@Josephsvideoalbum]

Does this information go to the States, such as California if I have a Wyoming Land trust with properties in CA?

[@ClintCoons]

No

[@I_Am_Adrien]

So is there no need to have a holding company anymore?

[@ClintCoons]

Yes you still need the holdingco to keep creditors from discovering your assets. This only applies to the feds.

[@fluffybikeadventures8444]

At around 10:25 you state that this will be an ANNUAL reporting -- can you point to the part of the final rule that sets forth the annual requirement? From what I can tell, you have the initial reporting and then you are required to file updated reports within 30 days after any changes to information contained in the initial report... which does not necessarily equate to an annual filing. Can you confirm/clarify?

[@strohmeyerlawpllc]

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.

[@christophernoble5113]

So there's no way around it? No More Anonymity?

[@ClintCoons]

You never had anonymity with the government because you obtain an EIN for your LLC.

[@christophernoble5113]

What are the Exemptions or clauses for the CTA?

[@ClintCoons]

Securities Issuers. Domestic Governmental Authorities. Banks. Domestic Credit Unions. Depository Institution Holding Companies. Money Transmitting Businesses. Brokers or Dealers in Securities. Securities Exchanges or Clearing Houses. Other SEC Act of 1940 Entities. Registered Investment Companies and Advisors. Venture Capital Fund Advisors. Insurance Producers Commodity Exchange Act Exempt Entities. Accounting Firms. Public Utilities. Financial Market Utilities. Pooled Investment Vehicles. Tax Exempt Entities. Entities Assisting Tax Exempt Entities. Subsidiaries of Certain Exempt Entities. Inactive Businesses. Large Operating Companies - (1) employs more than 20 employees in the U.S.; (2) has filed in previous tax year federal income tax returns in the U.S. demonstrating more than $5 Million in gross receipts or sales of other entities owned by the entity and through which the entity operates; and (3) has an operating presence at a physical office within the U.S.

[@corteyd8785]

Ok

[@castking1277]

so asset protection is dead.......wow

[@ClintCoons]

No but the government sure does want to get into your business.

[@corteyd8785]

So there a no more anonymity?

[@ClintCoons]

You never had it with the federal government because your information was turned over to the IRS to obtain the entity's EIN. No one else will have access to the information collected by FINCEN with the exception of law enforcement. So they say...

[@corteyd8785]

@@ClintCoons thanks Counselor

[@tututishtosh]

@@ClintCoons As you say, "So they say"...

[@tututishtosh]

@@ClintCoons and now I'm scared again, just when I thought I'd reached safety from a frivolous lawsuit.

[@iamdetached]

This in my opinion will be washed out. Its just nonsensical 😂

[@joegonzales4749]

While they launder money to Ukraine

[@5crazykids74]

Biggest takeaway here... elections matter. At least they used to.

[@keithlarsson4264]

Anonymity?