Still the law

If you have an LLC, this is going to cost you $500 a day in 2024 and up to 2 years in prison if you violate this. This is a huge change for small businesses. So if you have an LLC, you must pay attention. On January 1st, 2024, the Corporate Transparency Act goes into effect. Under this new act, domestic and foreign companies will be required to disclose information about their beneficial owners. This act was passed to combat money laundering, terrorist financing, and other types of illegal activity. So if you have a corporation, an LLC, a limited partnership, or any other type of similar entity within the United States, you'll be subject to this new act. You're going to be required to provide identifying information about the corporate entity as well as the owner. The information will have to be provided to the US Treasury's Financial Crimes Enforcement Network. The information will not be publicly available on any database. But this will certainly not benefit those of you who have formed LLCs for purposes of anonymity. If your company was formed prior to January 1st, 2024, you'll have until January 1st, 2025 to provide this information. If your corporate entity is created during 2024, you'll have 90 days to provide this information. If you willfully fail to file, you'll be responsible for a fine of $500 per day up to $10,000 and/or 2 years in prison. My suggestion to you is if you have any LLCs that you don't need, get rid of them before the end of the year. Dissolve them. If you plan to form a corporate entity, do it before January 1st, 2024, because then you'll have the 1-year period of time to report. Go to my link for my newsletter and