What You Need to Know About the Corporate Transparency Act (CTA)

[@BGPromotionsInc]

Your video is the best video I've seen that brakes down the Corporate Transparency ACT (CTA). Great Job, I will definitely be sharing it in my Live Podcast Show. Thanks for giving us this INFO!!! I'll be sure to add your link in my description. 💯

[@strohmeyerlawpllc]

Thank you!

[@BGPromotionsInc]

@@strohmeyerlawpllc You're Welcome!!!

[@jackshammas8023]

Great information! Thank you!

[@strohmeyerlawpllc]

Glad it was helpful!

[@Sunlight-btc]

I wonder every website I go, I have to go through the PRIVACY agreement that's why my info blocked and misinformation with my account

[@strohmeyerlawpllc]

I'm sorry to hear you've had that experience, but you'll need to work with your own advisors to resolve an issue like this. We can't give any specific advice on KZbin.

[@Sunlight-btc]

I've been tried to report to a lot of government departments of law but it seemed my message doesn't deliver to anyone. I have all documents and I am the stakeholder I have all the info on hand. Almost 5 years already 0 INCOME.

[@strohmeyerlawpllc]

I'm sorry to hear you've had that experience, but you'll need to work with your own advisors to complete your filings. We can't give any specific advice on KZbin.

[@denisecorbisiero5177]

As a minority owner, how do I find out if our CPA has reported to FinCin?

[@strohmeyerlawpllc]

Have you reached out to the CPA directly? They should have a record of the filing if they did it.

[@ediliahernandez1401]

Timing? I am confused on the timing. While researching for this law i read that if i formed the llc this year i have 90 days to file BOI. You say in this video that i had 30 days. on the New Mexico Secretary of state web site it says" Any domestic reporting company formed on or after January 1, 2024, must file a BOI report within 90 days" Please advise

[@strohmeyerlawpllc]

The confusion is understandable. The rules changed after I uploaded the video. When I filmed the video, the deadline for entities filed in 2024 and beyond was 30 days. FinCEN later extended the deadline for entities formed in 2024 (but not in 2025 and beyond) to 90 days.

[@Sunlight-btc]

I received the notification about the unclaimed properties and unclaimed funds at the state controller but when I contact them they said no info of me.

[@strohmeyerlawpllc]

I'm sorry to hear you've had that experience, but you'll need to work with your own advisors to collect your unclaimed property from the Comptroller. We can't give any specific advice on KZbin.

[@bradfordknazze1596]

Does a s corp need to register for this and if so does it cost to register??

[@strohmeyerlawpllc]

There is not a fee to register. An entity that is classified as an S corporation will need to report unless a specific exemption applies. There is not an exemption for S corporations.

[@bradfordknazze1596]

So does a s corp have to register??

[@strohmeyerlawpllc]

Maybe, because an entity that is classified as an S corporation will need to report unless a specific exemption applies. There is not an exemption for S corporations.

[@officialjasonpalmer]

The law defines United States to be the same as in the definition of Title 26 USC Section 7701. Read that definition and respond accordingly.

[@strohmeyerlawpllc]

Where do you see that in the law? 31 USC § 5336 (what I'm assume you mean by "the law") doesn't have a definition of "United States" in (a), where the definitions are codified. It does have a definition of "State" in 31 USC § 5336(a)(12), which "means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, American Samoa, Guam, the United States Virgin Islands, and any other commonwealth, territory, or possession of the United States." This definition is broader than the definition in 26 USC § 7701(a)(9), which defines “United States” as only the States and the District of Columbia. There are two references to 26 USC § 7701 in 31 USC § 5336. * In 31 USC § 5336(a)(7), "foreign person” is defined as a person who is not a United States person, as defined in 26 USC § 7701(a). * In 31 USC § 5336(a)(14), "United States person” is defined by reference to 26 USC § 7701(a). Under 26 USC § 7701(a)(3), a "United States person" is defined as any of the following. (A) a citizen or resident of the United States, (B) a domestic partnership, (C) a domestic corporation, (D) any estate (other than a foreign estate, within the meaning of paragraph (31)), and (E) any trust if- (i) a court within the United States is able to exercise primary supervision over the administration of the trust, and (ii) one or more United States persons have the authority to control all substantial decisions of the trust.

[@officialjasonpalmer]

@@strohmeyerlawpllc the TCA specifically states that the definition of United States in the TCA is the same definition as provided in 7701. They went out of their way to make that point, meaning that no other definition of United States can be used for the purposes of the TCA.

[@strohmeyerlawpllc]

I assume you mean the Corporate Transparency Act when you say "TCA." Please provide a specific reference to 31 USC § 5336, where the Corporate Transparency Act is codified, to support this. "the TCA specifically states that the definition of United States in the TCA is the same definition as provided in 7701."

[@officialjasonpalmer]

@@strohmeyerlawpllc Certainly. "‘‘(14) UNITED STATES PERSON.-The term ‘United States person’ has the meaning given the term in section 7701(a) of the Internal Revenue Code of 1986." www.fincen.gov/sites/default/files/shared/Corporate_Transparency_Act.pdf

[@strohmeyerlawpllc]

"United States Person" is not the same as "United States." That definition is for "United States Person," which I have already agreed is at 31 USC § 5336(a)(14) and refers back to 26 USC § 7701(a)(3). Do you have a citation for the definition of "United States" (and not "United States Person") in 31 USC § 5336?

[@bradfordknazze1596]

Does this cost any money to file??

[@strohmeyerlawpllc]

There is no filing fee for this report.

[@lesliehill332]

INACTIVE ENTITY QUESTIONs for Clarification: Maintained a dormant LLC that was formed in 2009, SOS administratively dissolved on 12/31/2015 , then I reinstated 5 yrs later [latter 2020].. biz idea fail to launch, the LLC remains dormant as of date of this post...SO, instead of continuing to waste money on annual fees to the STATE...CAN I JUST DISSOLVE [ before or after effective date??] OR, am I subject to comply effective Jan 1 2024 ? Also,... If I have been filling annual fees for this DORMANT=NON PROFITING, "EXISTING LLC" SINCE BEING REINSTATED...would THIS deem this LLC as being "OPERATIONALLY" ACTIVE and that I must report????? I reviewed the six requirements to being exempt from filing FOR INACTIVE ENTITIES... my answers were Yes to #1 being an LLC that was FORMED and EXISTED [per GA SOS STATE] on and before 1/1 2020....and Yes, to #s 2-6.....in their respective order. You Input is Much appreciated, Your VIDS MAKE a lot of sense !!!!

[@strohmeyerlawpllc]

Thank you! If the entity exists (has not formally terminated legal existence with the appropriate governmental authority) on 1/1/24, then the starting point is that it will need to report unless an exemption applies. If you're saying that you meet the six requirements for Inactive Entity, then it sounds like it should qualify for the exemption. Merely continuing the existence of the entity should not "undo" the exemption if it otherwise qualifies. I am not your lawyer, so please make sure you've consulted with someone familiar with your situation and circumstances and not some random head on the internet. :)

[@lesliehill332]

@@strohmeyerlawpllc Thank you..

[@pyramidtrader1]

How can they lock you up for 2 years without a guilty verdict from a jury of your peees?

[@strohmeyerlawpllc]

They can’t.

[@ijrespaldiza3989]

I hope the Biden family have to present those documents IRS will be asking us😢

[@Nobody-ji1oe]

Nah, they make over 5 million annually

[@guiller2371]

It's only for those making under 5 million. It's about treating small businesses as crime suspects.

[@waneframe]

@@guiller2371🎯🎯🎯