Daniel HonanFounder, Profitable Painter CPA PLLC · I help painting contractors increase profits & cash flow while reducing taxes♦ Bookkeeping ♦ Tax

Painting Biz Owners: Let’s discuss how to report your business under the Corporate Transparency Act

Name: Painting Biz Owners: Let’s discuss how to report your business under the Corporate Transparency Act
Uploaded: 2023-12-01T17:14:23+00:00
Duration: 28 s
Channel: Daniel Honan
Description: Two tax professionals explain how painting business owners must report under the Corporate Transparency Act. You'll file electronically through FinCEN's…

1 Dec 2023 · 0 min

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Two tax professionals explain how painting business owners must report under the Corporate Transparency Act. You'll file electronically through FinCEN's website with no filing fee, and accountants are preparing to help clients navigate the process once instructions arrive.

The biggest question on everyone's mind is, all right, fine, I got to report this. How do I do it? And that is the big unknown. All we have for information on that so far is that it will be reported electronically on FinCEN's website. They have told us that there will not be a fee for doing this.
So I guess that's good news. They're forcing us to report this information, so they're not going to also charge us. That's good to know.
Right. At least not as of yet.
Yeah. So again, they don't want to give them any ideas.
As tax professionals, as accountants, we are preparing for this. That's why we want to let you know about it. We are working with our clients to help them understand what their obligations are going to be. And when we get the information, let them know how they can report this information.