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

Painting Business Owners: Learn what’s next for your business under the Corporate Transparency Act.

Name: Painting Business Owners: Learn what’s next for your business under the Corporate Transparency Act.
Uploaded: 2023-12-05T17:08:19+00:00
Duration: 44 s
Channel: Daniel Honan
Description: This content was created by balanced-griffin. This content was uploaded by balanced-griffin. This is a YouTube video titled "Painting Business Owners…

5 Dec 2023 · 1 min

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This content was created by balanced-griffin. This content was uploaded by balanced-griffin. This is a YouTube video titled "Painting Business Owners: Learn what’s next for your business under the Corporate Transparency Act." The excerpt (recorded Dec 5, 2023) features a single speaker explaining reporting obligations when forming new LLCs under the Corporate Transparency Act — clarifying that even passive income held in an LLC must be reported. The speaker advises viewers to prepare, stay in close contact with their accountant/tax preparer, and notes that Bookkeeping for Painters will help clients navigate the requirements.

Chapters

Every time I want to buy a new rental property and put it in an LLC, I have to do this? Every time you form a new LLC, you will need to, to report. Yes. We might not think about that. We might just have a couple rental properties in an LLC. You're going to be subject to this. It's not just active businesses, but even passive income that is being held in LLC would have to report. What next steps should we be doing right now? There's still a lot unknown. Most important thing you can do is be aware of it, understand what is coming. You can prepare, know that this information you're going to have to file. Keep in close contact with your accountant, your tax preparer, and see if they can help you navigate this. We here at Bookkeeping for Painters are going to be helping our clients through this.