This NEW Law Will Cost Your Business THOUSANDS... Unless You Do This

So if you own 25% or more of an LLC, your name's got to go to the. To fincen that you're an owner in it. If you are a manager or an officer in an entity, you need to have your information report to FinCEN to say you're a manager or officer in that area.

And the penalty, if you don't report this or you don't update it within 30 days, $500 day penalty and jail time. Any of you that have any LLC that's just been laying around, if you don't clean this up, Vincent's going to be calling. So there's two things you have to do to, to get rid of an entity that you don't need.

And do you want to get a letter in the mail from the federal government? The Financial Crimes Enforcement Network, they pack heat.

Yeah.

Big up badges and guns in that department.

Okay, welcome everybody to probably one of the most important podcasts you're going to listen to this week, this month or this year, we're going to be talking about the Corporate Transparency act, the biggest law that has been passed for small business owners and maybe a decade that that's gonna affect your small business. This is a big deal. We're finally coming out loud. We're coming out strong and with clarity. People aren't talking about it. We're gonna start talking about today is the day.

Yeah. You guys have to know this. This law is gonna affect every small business owner. You have an llc, an S corporation. That thing must comply with this new law. Everybody has to do this. We're gonna go over some exceptions. They're narrow. But everybody's gotta know this. So we want you to focus on this. I don't care if you got rental properties. You got a small business, a side hustle, a big business. You must know this law and you must comply because there's jail time. We're not just talking about penalties for not complying. We're talking about handcuffs.

Oh, yeah.

Orange clothes.

Yeah. The new, the new color of whatever. The Penalties are only $500 a day, so. Yeah.

But the jail times, nobody built per entity, by the way.

Now some of you're like, what in the hell are you talking about? Okay, so let's just say in summary, I'll take a shot, Matt, because it can be complex. Over four years ago, the feds passed a law for the Corporate Transparency Act. It started, they tried to give everybody forewarning that it's going to take effect 1124. So we are less than 60 days away. From that, that D day it is now upon us. We have not wanted to talk about it or care talking about until we need to. It's time to talk about it now. In this law, essentially why they're doing this is because they're sick and tired of drug dealers, human traffickers, terrorists, money launderers and scam artists that hide behind LLCs. I know you want to be mad at the Feds, but it's really not the Feds we should be mad at.

Yeah, it's kind of these bozo criminals, terrorists, money launderers and fraud artists that have ruined entities and LLCs. And we see it as those lawyers representing clients that get duped by people hiding behind entities and they're trying to sue it or track it down. They can't find anyone yet. They've lost thousands, tens of thousands or possibly even more money because of some type of fraudulent transaction. And so there is some public benefit that's going to happen from this. There will be a little bit of pain. We've got you, though. We're going to go through what needs to happen and we're going to be helping in our law firm, KQS Lawyers, and our company compliance business, Main Street Business Services. But there is some purpose and benefit to this in the long run.

Yeah, it is. And yeah, spoiler alert. Just so you don't freak out too badly, you can report. And what do you need to do if you want to do it yourself? We're going to give you some tips and strategies very quickly here of things you can do to comply or get rid of the requirement to comply. But we have a service we've been doing for 10, 15 years. Our company compliance services is built for this. For 200 bucks, we're going to take care of any client that needs to get this taken care of. We're talking about state issues, IRS issues, fencing. We've been doing this for years, so we're ready for you. And we've got the infrastructure and we've been around forever talking about this. But I do want to say that, too. I like the way you said that. There's public benefit here. Don't be mad at the feds. I'm afraid of them. I don't want to be dealing with them. I don't want to get a letter or a phone call from the feds. But at the same token, we have to realize if we all get together as business owners and start reporting who really owns these LLCs and S Corps, who the managers and officers are when our addresses change Phone numbers change. All of that has to now be reported with driver's licenses and passports and all sorts of information. We're going to break that down here. Then we can get rid of hopefully some of the riff raff out there that is hiding behind these. Because think if you want to go after someone, an LLC rips you off, what do you do? You call the FTC the state or the federal level, they're like, okay, we'll put you on hold. And here's our list. You file a lawsuit and that company's long gone, and the people in Ukraine or wherever running it are long gone. Before you can even file the paperwork,

they're already using another LLC name that no one knows who the heck it is. Exactly.

Exactly.

Yeah.

So that's why we're doing this.

Yeah, that's why we're doing this. And we'll get into the details on what you need to know, what ECB reported, what are the deadlines, what about new entities set up? What's going to happen? We're going to get into those details so you know what to do. But bottom line, like Mark said, we're going to help you. We're going to make sure you take, we take care of you now. We. For any of you money launderers, criminals and fraud artists out there, I've got a tip for you. Hide. Yeah, don't call us. Okay. No.

Good luck. Good luck. Okay, for that.

What is that? That's what, is that taken? That's right. Lee Neeson's on the other end of this.

Yeah, yeah. I'm coming after you. I'm coming for you.

All right. All right. Now, the entity we're going to be talking about, or the, the government agency I should say is called FinCEN. This is the Financial Crimes Enforcement Network. It's a department within the treasury that also coordinates with state criminal enforcement agencies. So we're going to be saying fincen. That's what it is. That's the agency within the Department of Treasury where these reports are going to go. So I just want to make sure we knows what the heck FinCEN is, because none of us had to deal with that yet.

Well, I was just going to say, many of you don't realize this, but FinCEN is already in your lives. When you go to open a bank account at Wells Fargo or B of a.

The IRA directed IRA.

Yeah. And I.

Doing FinCEN stuff already.

Yeah, 401ks, the IRS. I'm sorry, FinCEN is, is looking for people with Social Security numbers and eins and bank account to some degree, they're trying to do their best. This is the missing link. This is the missing link because I ends they're just a dime a dozen. There's 45 million LLC in America this year. 45 million. And they're a moving target for federal agencies to go after bad people. And so, yep, all of us good people have to start saying, this is a good LLC and here's who I am, so they can start peeling away the onion to get to the bad ones.

Yeah. And I think many of you, a lot of people think, well, what's going to happen to this information? There's been a lot of scare tactics out there in social media. Oh, the big bad government's going to have my information. They already have it. Yeah, you already, you have a Social Security number. You have to file a tax return. When you get an ein for your business entity, you have to give them your social like, like they already have this information. This is another way where they're gathering it to make sure they know that all the players involved, not just one party, which is all that's required to get in, but everybody that might be involved. And we're going to go into who that might be. But they already have this. Now, this is going to be private.

Yes.

Okay.

This.

Federal government agencies get it. They can share with state government agencies and they can share it with banks and financial institutions if you consented with the bank or financial institution. Because what's going to happen is now the banks are going to have to cross reference their data and bank accounts with these entities, and that stuff's going to need to start matching up. So even in the future, guys, if you're not doing this stuff, this could cause banking problems in the future. Your bank account stuff might get screwed up. You might not be able to get a bank account set up if you're not complying with this. And so. But it's not like it's going to be a public database like your state LLC where people can type in who's the manager or member in some states and figure that out. This is going to be private, not publicly available.

Yes. And on that note, we are still implementing privacy measures. I don't want people to know where I live. I don't want people to know what LLCs I own and what rentals I own. We can still do that. This is for the federal government to know what's going on. Now, I know some of you are very skeptical of that. You hate the big brother, I get it. But we have A lot of clients that they still have a bank account, they still have an ira, they still do business, but we can keep their assets private and create asset protection. And, you know, I think, again, this is such an important perspective that the IRS and the federal government is trying to just piece together who's really doing good business and who's doing bad business. And as we comply, all that crap's going to float to the surface. But we don't want to be caught off guard getting a nasty letter because we didn't do it. Right. So, Matt, with all these people with these entities, let's talk about first what they should expect to file so that they might be motivated to clean up some of their stuff. We're going to come to that. But anybody that has that entity, what's going to be required to be filed next year, by the end of next year, they have all next year to file a report. Tell us about that report.

Yeah. So this is the Beneficial Owner information report, the BOI. You're filing this defense. And starting on January 1, 2024, if you have an entity in existence already, starting on January 1, 2024, you need to file this report. And they want to know two things. Anyone in that entity who has substantial control, we'll talk about what that means. And anyone who has beneficial ownership of 25% or more. So if you own 25% or more of an LLC, your name's got to go to the to FinCEN that you're an owner in it. If you are a manager or an officer in an entity, you need to have your information report defense and to say you're a manager or officer in that entity. So substantial control, beneficial ownership, 25% or more.

So, for example, you might have a kit, and there's so many examples in the law on this. We're going to be unpacking this more in future webinars and articles. But that you may have a child of yours, the manager of your LLC or and and they only own 5% because they're a manager, they have to be listed. So any officer, officer of an corporation or manager of an LLC will have to be listed, no matter what ownership they have. Then you may say, well, my grandma owns 25%, but she's not even manager. She has 25% or more. So anybody with 25% or more, or anybody that's officer, this has got to be on that report. And we're talking about driver's license or passport, Social Security number and the address of the company and the address of the people, they want all that to tie together. And guess what? It is going to be cross referenced with the IRS and banks and states all over the country. So if you have an LLC or a corporation and some of you are like, yeah, I've got one, I don't even know where it's at, we're going to come to that. But if you have any entity, this is the report that has to be filed. By the way, again, we'll do this for you for a couple hundred bucks. We're going to give you the resource for that. So just chill, but you chill, but be focused.

Okay? Don't chill too much. Just a little bit because you need to get this done. But, but keep in mind, Mark said there that really quick though. It's your full legal name, your date of birth, your home address, your physical address, of course, the company address on behalf of the company, and then also a government ID that could be state driver's license or passport. Okay? They're not messing around here. They want enough information that they feel like they can really know who is someone that has substantial control or 25% or more beneficial ownership. And if any of that information changes for you and you're 25% or more owner or some that has substantial control, you have to update that within sin move addresses personally.

You have to update that within 30 days. You have 30 days from now on, if you change any of that information and you go, well, I have two homes or you know, I live between here or there beyond wherever your state residency is. I just talked to someone yesterday. Well, I live half the year in Hawaii and half the year in Washington state. Choose one. Where's your primary residence? And it better start tying out all this. I'm going to be playing games with states and I'm going to be playing games here and there with the irs. It's work. They're closing it on that. And we've been asking clients to be legit anyway. But for any of you that are trying to get away with crap, this is going to be even more and more difficult. And if we as your lawyers are reporting this, we have to make sure it's valid or you're on the hook. Oh, and the penalty, if you don't report this or you don't update it within 30 days, $500 day penalty and jail time.

Yeah, Buckle up, buckle up. Pack your toothbrush. Yeah.

Don't bend over the soap. Yeah, yeah.

Watch all those movies about prison life. But now you're gonna have an entire year to do this. So remember, existing entities. You're gonna have all the way through the end of 2024 to do this, but you want to jump on it, you want to get it done. There's gonna be a lot of people falling in, of course, again at the deadline. It's. It's like you people that do your tax returns on April 15 and October 15, okay, you're rushing in. There's gonna be a lot of people. So we want to make sure you're getting compliance with this. And don't wait until the deadline. We're gonna start helping clients at the very outset, January 1, 2024. Now, I will say this, like every federal government program that's ever been created, there are major problems when it comes out. We anticipate that for a few years, I'm sure.

Yeah, yeah.

We're gonna be giving you updates, making sure we're on top of it, getting stuff done. But just keep in mind there's probably going to be some delays. There's probably a little touch and go with this stuff. So.

Yeah. Now to make your life easy down. This is not an infomercial. This is not. This is to alert you to the issue, take it seriously, but give you a resource if you want. It is down below, be a link to our Main Street Business Services. It's a subsidiary of our law firm that's going to be taking care of all this. And for $200, you can sign up right now and then you're on our radar. We will take care of it. Done. Now, this is for every entity, which brings us to the cleanup. This is a perfect time for all of you to go, you know what? I got an LLC that's just sitting out there I'm not using. And we're going to come to some exceptions, very rare exceptions of how to get out of this. But let's just say any of you that have any LLC that's just been laying around, if you don't clean this up, Vincent's going to be calling. So there's two things you have to do to. To get rid of an entity that you don't need. This is a good time.

Yeah. And the way you were doing disillusions now is really important because when you're filing a dissolution, you've gotta let a couple of places know. That's right. Mark said two things. And you wanna do this ideally before year end. You could do it through next year too. Because there's really no penalty until the end of 2024. Cause that's the final deadline for existing entities, but better to close it out before you end for other state reasons and not even get on the radar of having to worry about FinCEN in the first place, so. But we want to dissolve, and we do that in our law firm every day at KQS Lawyers. We're dissolving client sanities, they're closing them out.

What's our price to charge for dissolution?

It's. I think it's just like. Let me just look right now. Good question. This is kqslawyers.com, 200 bucks to dissolve, plus the state fee. Because we're going to file something with the state that dissolves the entity properly with the state. But also we want to send something to the IRS. Yes, yes, even you single member LLCs that don't file company tax returns, the IRS needs to know that entity's gone because you have an EIN floating out there.

I just want to laugh because I know there's so many of you listening. Oh, yeah, well, you know, I've never done business in it, or I don't even report it, or, you know, it's just a single member llc. I don't have to do it, right? No, you're not getting this, okay? There's no way out of this. Okay, so you're gonna file with the state articles of disillusion. And you go, well, in Arizona, I don't even have to do annual reports. Yes, that's correct, but you got to file articles of disillusion to kill it. So that's first. Step number two is you're going to send a letter to the irs. We have this letter, we do it for you. In our dissolution process, it goes to a specific place at the IRS with the specific information to let the IRS know that EIN is now dead. The company is dead. And so that way, when the fincen starts to go look at who's not, who's got an active EIN with the IRS or who has an active entity with the state, they're gonna see, oh, they're dissolved.

Done.

You're off the radar. By the way, if you have any bank accounts set up under that ein, I recommend you do that too. We probably need to be talking about that too.

Yeah, you wanna make sure. And you close those down, you might as well let the bank know, because what's gonna happen is FinCEN's gonna start cross referencing a lot of different places, the banks, where there's entities set up that haven't had a FinCEN report, the states that have entities active that they haven't seen a FinCEN report. The EINs they have with where they haven't seen a FinCEN report.

State franchise taxes, state franchise tax boards

and state income tax departments. And so we want to make sure that we're closing this out. Let's get it done. Get the official documents that's been closed out. Have a copy of a letter that went to the irs. So you know that this stuff is getting closed down properly. And I like following through on the bank account too, because that's what's going to be happening here after next year and everyone's had to do this. What is FinCEN going to do? Start enforcement. And what are they going to go after? All the eins, all the people with business bank accounts, all the people with entities active with State that didn't send them anything. Because you know what is in there? All those criminals we were talking about, the people doing the money laundering, all the fraud, the drug trafficking, all that stuff, those are those entities they haven't heard about. And they're going to think it's you if you didn't close it down.

Ooh, and I've got another important one here too. Venmo, PayPal, Apple Pay, any of those payment stripe services that you may have tied to an ein. You want to go clean those up, make sure. Oh my gosh, is my. Am I doing PayPal to that or Ein or whatever? So you want to clean those up

and I think we'll clean those out. It's just like close it down. Just close it.

Yeah, just because.

Because they're going to say, well, we don't have an active account for that. You, you know, I am that business anymore.

Here's in a couple. And here's the Q and A that I know some of you're going to have. Well, I have a trust that owns my llc. Okay. They're going to look through that. That's a see through trust. Who's the beneficial owner? And if you're married, but it's a single member llc, we're going to be. And this is some of the reporting that is still yet to come out. We will make sure the proper name is on it. As a beneficial owner. It could be both spouses in a joint trust. Even though it's a single member llc, who is the real beneficial ownership for marital property?

Oh, I have a, I have a

prenup or this or that. Oh my gosh, the list goes on and on. Right. Or my S Corp owns this llc. Well, your S Corp is going to file first and it gets an identification number with FinCEN. So there's going to be these new identifiers. So every entity is going to have this identifier number and that's what you're going to be updating whenever there's a change in address or ownership. And if that identifier owns another llc, that's what's going to be on the report, too. So, I mean, the law goes on and on on this and, and this is why we will take care of it for you. Yeah, have fun reading this at night. If you really want to dive into it or click down below and pay $200 and just know what kind of take care of it.

Yeah. Many of you, many of you may not know this law firm clients for many years, people that may know our business services company, Main Street Business Services. I mean, we do company compliance for 17,000 entities across the US already, where we're taking care of company compliance stuff, the state renewals, making sure your minutes are done and all that type of stuff, registered agent services, all these compliance things that happen. We are including FinCEN compliance in our company compliance service. Okay. It's a $200 annual fee that's included and it includes amendments and updates. This. And I know we say we don't want this to be an infomercial, but guys, you're a busy business owner. Stop doing this yourself. Stop worrying about this yourself, Stop trying to figure this out for your one or two entities. We're going to have a team of people doing this all day long. It's an affordable fee. We'll take care of it for you and take this off your plate.

And now let's say you go, guys, I don't want to use you. You start to try to figure out on your own, you're going to see something come across your feed, it's going to be on your social media, your email, and some major company or whoever, you never know is going to be doing this for $49 and you're going to go, oh, I'll use them. Okay. Are they going to be maintaining your entity moving forward? Because we, with that $200, we do your minutes, we make sure you're paid with the state, we main, we help you do your board of directors, board of advisors meetings, we track all of that. And would you like a law firm behind this, behind the scenes, trying to hold all of this private for you and maybe, oh, if I need to make a phone call and get some questions answered, I can do it with a real law firm and a Team that Mark and Matt stand behind. That's why you're calling. That's what we're providing. This is not just file your FinCEN for 200 bucks. That includes us tracking your crap for a whole year and every year making sure it's updated. So that's a big deal.

Yeah.

Okay. Exceptions. How do I. Who really gets out of this? There's really a couple that we.

There's a couple that, that are going to apply to a lot of people. And the first one pisses me off.

Okay.

The first one is big businesses, or I should say even medium sized businesses are exempt. If you are a large company under the rules here and you have 20 or more full time employees on your payroll and you're filing payroll, you know, reports to the IRS or you have 5 million of gross revenue on a federal tax return that you're filing to the irs, they're like, don't worry about sending us anything. We already know who you are and are tracking your stuff. If you're doing that much activity. It's the other entities we don't hear much about or see not a lot of money coming through. So we don't put any resources to them that we want to know about. So it's called the large company exception. And so they're going to be exempt from it. And it kind of sucks because it feels like, oh, small business has to go comply with this.

Now, some of you, I want to clarify what Matt said. Not clarify, just add a little distinction here. Matt said 5 million in revenue. Now for those of you that have $5 million in real estate or $50 million of equity in real estate in your holding companies, that's not an exception. This is operational. 5 million in revenue and or 20 full time employees on payroll. So for all of you that have holding companies and real estate and apartment buildings and syndications and all that, you're still doing this and maybe a syndication with rental income of revenue will be exempt or I'm going to let, we'll have a call with them. But for all the small business owners, that's what we're looking for.

Yep. Yeah. Now the second one that's going to be popular is the inactive entity exception. And this says if you had an entity established before. Okay, I want to make sure. Before 1120-2020-2011-2020, which is when this law was first kind of conjured up and kind of went through the federal government and it is inactive. You don't use it. There's no assets in it. You haven't had a transaction of $1,000 or more in the last 12 months. You've had no change of ownership in the last 12 months. Okay, these are the criteria. But any entity that is inactive and established before January 1, 2020, you can use the inactive entity exemption and you don't have to file anything. Now let's say you set up an entity in 20, 21 or 2.

Oh, yeah, let's go there. Let's go in a minute. Okay, let's go to new setups. Okay, let's unpack this. I had an entity before 2020, haven't used it at all. Oh, I'm exempt. Would that mean you should probably just forget about it? No, because Vincent doesn't know it's inactive. You know it's inactive, but you're going to wait for them to call you and pound on your door via phone, email, letter, and threaten penalties and you're going to go, oh my gosh, it's inactive. Why don't you just take action now and dissolve the damn thing? That's the method there. So even though you're exempt from filing and that would be helpful for some of you that might forget. Yeah, I set up this LLC six years ago and I forgot about it. Okay. If they call you, you can go, oh my gosh, it's inactive. I'm gonna hang my head on that exemption. But any of you that know it's exempt, just let them know, dissolve the damn thing.

Yeah, don't make yourself, don't make yourself have to prove your innocence later.

Like just like get rid of the

issue and question it. Like what you said, I couldn't have scripted any differently. Exactly. Like that is the advice. And I just think a lot of people's mentality is, oh, I'll use that exception. Yeah, it's nice to know if you're there, like you said, if you forgot about something. But remember, after this year passes, like we said earlier, FinCEN is going to start going after all the non compliance. They're going to make money on this. For entities not complying. And do you want to get a letter in the mail from the federal government? The Financial Crimes Enforcement Network, they pack heat.

Yeah.

Big up badges and guns in that department. Okay. These aren't, these aren't pencil pushers with calculators like other departments in the irs.

They're legit. Yeah. This isn't, this isn't. Oh my gosh, I'm gonna think of some of the actors in some movies. I'm gonna have to play with that. But I. It was funny once. This is like the IRS Criminal division. I was once giving a workshop in Chicago, which is. There's several IRS service centers that are big. And it was so funny. This woman raised her hand, and she's like, yeah, I got this question and, you know, very common in a workshop. And I'm answering it, and she goes, well, I work at the irs. And everybody's like, oh, well, don't you know all this? And she's like, no, I'm a small business owner, too. I just happen to have a day job at the irs. And I go, cool. What do you do at the irs? She goes, oh, I'm in the criminal investigation division. I'm like, and you're on the workshop.

Everyone else is like, whoops, yeah.

I'm like, you get her a pin drop? And I'm like, oh, she's packing heat. She's packing heat. She's got that little patch on your back with Velcro, you know, that you can just pull down. And I'm like, holy crap. And so, I mean, yeah. I mean, it's just like you're at a football game and you can't peek a big guy standing right behind you. I mean, I was like, what do I do next in my workshop? You know, I was just frozen. But anyway, so that's the kind of people we're dealing with here. You don't want that. Oh, my gosh.

She's standing out in the lobby after the networking, and no one's talking to her.

She just blackballed herself all day long, immediately. Hey, you want to network with me?

Bye.

It was crazy.

Can I get your card? I don't have cards. That's weird. Yeah.

She's like, why is everybody scattered when I come around? Anyway. Okay, now, so that's the exception. If you had an entity before 2020. Yeah. You wanted to go, and I love it.

Yeah.

Now I'm setting up a new entity next year.

Or you've set up an ending during the pandemic. More people set up entities during the pandemic. 20, 20, 21, 2022. You know, in 2020 itself, like, if you had an entity in those years, you can't rely on this exemption, even if it is inactive. So there's this little window where there's been millions of entities set up. There was, like, 5 million plus last year alone, you know, that you might have had an idea or something and it didn't come to fruition. Or you bought a property and you sold it, and it's still There. Okay. Those are definitely ones you want to clear out. This exemption won't even save you, even if you forgot about it.

And I'm going to just repeat this below. Down in our description, there'll be a link to say, get my company compliant. I want to do my company maintenance, my minutes, make sure I'm good with the state and do my FinCEN report. Click here. 200 bucks. Done. There'll be another link that says, dissolve my entity. I want to kill it. That'll go straight to the law firm, not Main Street Business Services. Go straight to a law firm in. A paralegal will reach out and say, okay, here's the filing fee for the state to do this. They're going to get your info, which is a lot less intrusive than the FinCEN report. We don't need your social and your ID and all that.

Just kill it.

So they're going to kill it and send the letter to the IRS. Done. So for 200 bucks, you're either getting on board, you're getting off the train, you just decide which one do I want to be on with this entity?

Yeah. Now, new entities being set up.

Yes.

Let's say starting in 2024, when you set up a new entity, this is just going to be a new requirement, you know, like. And we're going to be doing this, of course, in our law firm at KQL Stores. Every entity we're setting up. This is why you should be setting up entities on your own. You miss this stuff, you don't know what you're doing. This is why you need to be using a real law firm and real lawyers and professionals that actually know this stuff.

Yeah. And companies that are working out of

a Philippines and like, you know, frankly, they're outsourcing everything.

Yeah. Or some call center and they're not even a law firm, but. Yeah. Well, we have law for lawyers on staff and they charge more than we do, for crying out loud. We have real attorney client privilege. So anyway, if you're setting up a new entity next year, guess what? You're going to love this. We are not changing our prices. Did you hear that? Lawyers would love to charge more, trust me, but we're not. We're going to keep doing our entity setups for LLCs and corporations all across the country with a consultation with a real lawyer for our same prices. Sometimes it includes a trifecta and, you know, a little more support. You get to choose. But when we set up an entity next year, this is the rule. Within 30 days you have to do this same report. And so we're gonna have our paralegals at the same time we're filing everything for your ein. And with the state, with attorney client privilege, with privacy. And you're not just giving this to some now you're, now you're talking about giving your passport and your ID and your social to some company in a call center in southern Utah or southern Florida in. And they're going to be like, give us your info. You're like, who the hell are you? So we are a real law firm with malpractice insurance and licensure and fiduciary duties. We're going to take your info, prep your entity file, FinCEN as part of your entity setup for the same price we've been charging.

Yeah. And you know why? This is going to be so much more important too in the future for all of you that have existing entities and new entities. When you go to get a business bank account, I'm just telling you it is going to change on what they ask for. They're probably going to ask for your confirmation that you filed your FinCEN report. Okay. And they're not even open a bank account. They don't want to touch you because all the banks are now going to get policed on this, on these entities. They have. And you know what? The banks are not going to want anybody that has not done this FinCEN report. And so this is going to be another thing. It's probably required at the banks, it's going to change procedures, but we're going to take care of it for you. Now, FinCEN actually came out just last month and said, we're going to give you 90 days, not just 30, to do this report for new entities. So you're going to get 90 days. Actually there's a new update which to

me is dumb because you got to go open a Bank account within three days.

Right. You have up to 90, I guess, is the thing.

Yeah, we're going to be doing it on day two. Yeah, yeah, yeah. We're going to do it like right

after your articles are approved, because we have to have your approved articles and your ein. I mean, it's going to be the final step, really, is getting this FinCEN report. So this is just going to be serious. It's going to be something you're going to have to get used to. And you're providing your approved articles, your EIN, and you're filing your confirmation of filing your FinCEN report.

Yeah. And this is why, another reason why using your CPA to set up your entity or a non law firm that's just out there because some influencer told you to use them or you found them on the web. And not only is there privacy issues of you disclosing more to this entity, who knows who they are, is having the assurances that at the end of the day everything's in the right spot. And you get to go to the bank with what we call a bank packet. Because our paralegals prepare a little bank packet for you, send you to the bank with everything you need. And we get people on social media all the time taking pictures of their stuff and their bank packet and their corporate book. And they're like, I went to the bank and the banker said, I've never seen someone so organized opening a bank account. We get that all the time. Yeah, yeah. Because did you go online and start doing this in pieces and parts and you show up at the bank and they send you back home and la la, la la. And I know many of you do, but I'm saving the cost of a law firm. Yeah, that's really good use of your time.

Yeah, go be a business owner and run your business. Go make money. Like stop trying to be the lawyer too on the side. But we wanna know. We're here for you. And I think that's the most important message. We have an amazing team of people that are experienced doing company compliance for years in Main Street Business Services. This is the company that was spun out of our law firm that does company compliance every day. We have our law firm, of course, here if you need that attorney client privilege and that conversation. You're kind of in weird scenarios here. We don't want you money launderers and drug traffickers, of course, you know, but you know what I mean, you might have some stuff on the, on the bubble here or like some owners that aren't really owners anymore, some weird changes in ownership. Maybe you're on the bubble of 5 million in revenue or the 20 employees. Like we can talk through that and help you figure out what to do.

Yep. Okay. And to close out that new entity setup, I want to. I forgot to say this for those of you that set up a new entity next year, we just told you what we do to make it happen and our pricing and blah blah, blah. But here's the point. If within 90 days you don't report to the FinCEN that you set up a new entity, back to penalties, $500 a day jail time. So for older entities, again, you have until the end of next year to get compliant or dissolve or if you set up a new entity next year, moving forward, you have 90 days from the day your articles of incorporation were filed with the state. We're not going to worry about when you applied for an ein. We're going to worry about when did you become an entity with the state. When did you go on the map? That's you got 90 days to report to FinCEN or penalties in jail time. Potential jail time, of course. So that. So you want to know There's a new sheriff in town. It's called Vincent. And we want. We want to help you stay out of their way. We don't. We don't want to shoot out of the OK Corral. We want to be there for you.

Yeah, and this sheriff has a ton of deputies. All right, this is the big deal, is the Fed.

So. All right, let me just say, I'm your huckleberry. I got your back. I'm your huckleberry.

I don't think that's going to help here. It's not going to use my pain. All right, well, thanks, everyone. Of course, we're always trying to give you the information you need to better protect your wealth. Live the American dream, pay less in taxes, take control of your financial future, all those amazing things. And it happens. With good tax and legal planning and staying in compliant with the laws, that's what this is all about with the corporate Transparency Act.

All right, well, everybody, if you found us for the first time trying to get information on the cta, you may have got, hey, these guys are actually kind of make this interesting and break it down. We are real lawyers, real tax lawyers, real small business advisors. We've been around for 20 plus years, helping clients nationwide. Please subscribe to the podcast. We've got our sister podcast, the Directed Ira Podcast. We're both on YouTube. We've got a great law firm and a great team. And we're so grateful for our incredible team members that have been with us now for. For years, helping us be ready for this. So please get on board. We want to be your source for this tax and legal info that you can rely on with legitimacy. Malpractice insurance, real licensure. Please be careful listening to an influencer or someone that is not in the right lane. I am so sick and tired of influencers out there talking about our job of the tax and legal. I don't go into their lane and tell everybody how to go close on a rental property in three days and all the little tricks and strategies or how to go do forex trading or how to do a crypto deal. I'd let the influencers of the world be good at what they're good at. So shut up. Let us do our job. We appreciate it. We got you. We'd love to come on your podcast and help you out, and we would love to have you come on our podcast and help our clients out with your unique skill set. So let's all do this together and stay compliant together.

All right, see you next time. Thanks, everyone.