In this episode of Adam Talks, Adam Bergman, Esq. discusses the Corporate Transparency Act, that goes into effect next year, which requires all small businesses to file a Beneficial Ownership Interest report with FinCEN.
This New Law will Impact 35+ million Businesses, and No One’s Talking About It
On this episode of Adam Talks, IRA Financial’s Adam Bergman discusses a new law that will impact small businesses. The law, known as the Corporate Transparency Act, requires all new and existing entities with less than $5 million in revenue and 20 or fewer employees to file a Beneficial Ownership Interest (BOI) report with FinCEN within 90 days of forming a new company or within the year for existing companies. Failure to comply can result in penalties of up to $10,000 and potentially two years in jail.
The law aims to collect information about individuals with at least 25% ownership or significant control over the company. Bergman expresses concern about the significant impact on small businesses and the lack of attention it has received in the media. He also mentions that IRA Financial will provide the BOI report service to its clients, ensuring compliance.
There is a discussion about potential loopholes and the impact on different types of entities, such as Checkbook Control IRA LLCs and Solo 401(k) plans. Bergman expresses surprise at the lack of discussion and awareness surrounding the law and its potential implications. He also raises concerns about government overreach and the potential implications for small businesses.
Bergman emphasizes the seriousness of the law, urging businesses to comply and expressing the need for more awareness and discussion about its impact. He ends on a positive note, expressing hope for a successful and prosperous new year for businesses and individuals. The podcast provides a detailed overview of the law and its potential effects on small businesses. To learn more about the CTA, be sure to listen to the whole podcast!
