Recorded in January 2024, Agnes and Ryan explain the Corporate Transparency Act as it stood then: beneficial ownership reports to FinCEN for LLCs and corporations, the penalties discussed, and what information is requested. They also answer viewer questions on registered agents, closing inactive LLCs, buying an existing company and banking, then close with a tax-season checklist.
Takeaways
- If you own an LLC or corporation, check whether a beneficial ownership report applied to you and gather the owner details and ID it asks for before the deadline.
- An old or unused LLC is not closed by walking away from it; closing takes final returns, any back taxes paid and state paperwork.
- Before tax season, collect your 1099s, W-2s and ID, take required minimum distributions on time, and answer any tax notice right away rather than letting penalties build.
Chapters
- 0:00 Welcome and snowy Friday start
- 2:06 Tax resolution update and why to act early
- 4:13 The Corporate Transparency Act and the daily penalty
- 6:51 Registered agents and keeping your name off public records
- 11:11 The beneficial ownership report and who must file
- 16:27 Exemptions and properly closing an old LLC
- 18:00 Viewer question: piercing the corporate veil
- 22:16 Buying an existing company or just its clients
- 28:34 Banking, fraud prevention and who the rule targets
- 32:46 Updating changes within 90 days
- 36:28 Tax filing season checklist
- 41:21 Wrap-up and where to find the show
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