Avoid the $500 per day penalty (and jail time) by complying with this new LLC filing requirement

$500 per day and jailtime!? Those are actual potential penalties for not complying with this new LLC reporting requirement that will basically affect all LLCs. The good news is that if you aren't intentionally trying to skirt the law, you won't go to jail, and it should only take a few minutes. Just make sure you know about it!

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TIMECODES:
00:00 - Introduction
00:26 - Corporate Transparency Act overview
01:09 - Reporting required from Jan 1, 2024
01:52 - Filing deadlines based on LLC formation
02:37 - Penalties for willful non-reporting or false info

[ItsDan]

So the feds could have asked 50 states for this info or 50 million LLC owners and they went with option B? Fantastic.

[bncgkzp]

Thanks for the heads up as I’m sure most small LLCs wouldn’t have heard about it otherwise. Appreciate your channel and information you give us!

[j.altario]

The exempt list is funny..thats where all the big money crimes take place. accounting firms, insurance companies, etc smh

[manuelcunha]

Ty so much. It’s people like you that are the heart of this country to help people for free.

[donniecastleman]

Which congressional genius came up with this? I'm a tax pro and having to file a few hundred of these for my clients, feeling a little nutty explaining this to my clients and thankful that you do it perfectly in this video.

[roekinn]

Better to simply become SPC (Secured Party Creditor), move to operating in the private instead of public and be DONE with this.

[DessaTuck]

My question is concerning llc companies that haven’t been used in ten years or more. Does this apply to these as well? Do each of these llc companies have to be filed, even if they are not in use?

[DbirddeeSBooks]

Do sole proprietors need to file the BOI? I didn’t see it listed on the exemption list..

[matthewredder]

Always great info from Mark! Thanks for breaking it down for us.

[joannaward]

Hi. Thanks for all your information! I went to the website but can’t find the form to fill out. Could I get a link to the actual form? Thanks

[DbirddeeSBooks]

When are you doing the sale for your tax academy?

[ceequizo]

This is kinda hideous, the individual states should have sent a notice to all their registered llcs, or even through their registered agents. It's not cool that we have to dig for, or run into this info randomly. All that said, I appreciate you letting us know. Thanks.

[countryboy-bkke]

i dissolved my llc in 2021 so i shouldnt have to file right?

[DawnCadwell-ip]

What about a sole proprietorship required to file with my state (Oregon) for my DBA? I received notice of this thru the Corporation Division of Oregon. TIA.

[mt.]

If we filed late, how would we know if we were assess a fee? Would they just send a letter? Should we contact them to follow up?

[sharaudramey]

People really dont care much about their privacy. This is crap and the exemptions are revealing.

[GeorgiaSmies]

What is the name of the form and where can I download it?

[nursultanrustamov]

I opened inc on 02/20/24. I forget to fill out the application, I'm late 16 days, will I pay the fine? Thank you

[mybeautifullife]

By what date does this have to be done?

[samasman]

This question has to do with one of your older videos. Am I able to switch from accrual accounting method to the cash method after using the accrual method for a few years.