2024 Corporate Transparency Act Explained: Crucial Insights for Real Estate Investors

[@strohmeyerlawpllc]

5:34 The Large Operating Company exemption requires *more than* 20 US employees (i.e., 21+), not 20 or more. 5:47 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, by agencies like the Securities and Exchange Commission (SEC), the Federal Reserve, the IRS, and the Office of the Comptroller of the Currency (OCC). This includes the tax-exempt entities and political organizations. 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.

[@MsElaine122]

Thanks guys!!! Given the crypto blowup, that CTX (??) co, its forgone all orgs move to 100% KYC (know your org). BUT whats left out of thiis statute or your presentation is via what channel we will be reminded? Normal IRS communication? The Sec of State reminding renewal of LLCs? Its remiss for a statute like this to not tie in how this is communicated to LLC owners???

[@eyvye]

Maybe big nonprofit is writing our laws in shady backroom deals or maybe nonprofits don't actually have owners and already have to report the name and salaries of their officers, directors, trustees, key employees, and five highest compensated employees and independent contractors on Form 990 Part VII which is made available to the public. 🤦‍♂