New Corporate Transparency Act: What Small Business Owners Need to Know

In this episode of the Best Advice Podcast, host Rob Lovaglio welcomes Austen Jacks and Michael Allen to dive into crucial updates for small business owners. The episode begins with a celebratory shout-out to Michael, who was recently named one of the top 100 advisors in the country by Advisor Hub, managing over $1.4 billion in assets.
The main focus shifts to the Corporate Transparency Act, which mandates that small businesses, including LLCs and corporations, register their beneficial owners to help combat money laundering. Michael breaks down the specifics of the law, explaining that businesses must identify anyone owning 25% or more of the company and comply with registration on the FinCEN website. He emphasizes the importance of completing this process by the end of the year to avoid hefty fines—up to $500 a day for non-compliance.
Listeners will learn about the registration process, including required documents and steps to take, and the critical need for professional guidance. The discussion touches on the challenges many small business owners face when navigating these regulations, particularly those without a CPA or legal support. Michael also shares personal experiences and insights, highlighting the potential pitfalls of non-compliance and the importance of staying informed.
This episode is packed with practical tips and advice for ensuring your business meets compliance requirements, making it a must-watch for small business owners and entrepreneurs alike. Tune in for expert insights that could save you from costly mistakes!

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