Cracking the Code: Corporate Transparency Act Explained for Small Business Owners

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Do you want to learn more about Corporate Transparency Act and how it can benefit your business? In this episode of the Small Business Tax Savings Podcast, Mike welcomes John R. Strohmeyer. John is an attorney providing legal services covering Estate Planning & Probate, Tax: Business and International, and Business / Corporate. After working for law firms for nearly nine years, I started Strohmeyer Law so that I could bring what I learned about client service from the Four Seasons to the legal industry. 

John covers what information needs to be reported such as legal names, dates of birth, residential addresses, identifying documents, and photocopies of those documents.

Tune in now and hear John explains potential penalties for not filing and remind people to get this done ahead of time!

[00:23] Corporate Transparency Act Explained

• Mike welcomes John R. Strohmeyer to the show!
• Today’s topic is, “Cracking the Code: Corporate Transparency Act Explained for Small Business Owners”       
• John is an attorney providing legal services covering Estate Planning & Probate

[04:14] What Is The Purpose Of The Corporate Transparency Act

• What is the purpose of the Corporate Transparency Act?
• The government requires information on beneficial owners, senior officers, and people with substantial influence on entities
• Trusts and general partnerships are exempt from filing
• What are the exemptions for entities?

[13:16] Understanding How The Corporate Transparency Act Can Help Your Business

• Penalties for willful failures are 500 per day and potential criminal penalties
• Honest mistakes may be exempt from penalties
• When will the Corporate Transparency Act take effect?
• Changes in beneficial owners must be reported within 30 days

[24:33] Closing Segment

• John shares where listeners could learn more about the Corporate Transparency Act!
• Final Words

Key Quotes

“When a new client comes in and says, “Hey, I want an LLC.” Great. Until we have all of your information and it's ready to file. Once you've got it, we'll be able to nail all of your other Corporate Transparency Act requirements so you don't have to think about it. And until those beneficial owners change or some of their information changes, there's nothing else to file.” – John R. Strohmeyer

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Connect with John through his:

Website: Strohmeyer Law

LinkedIn: @johnthelawyer

Facebook: John Strohmeyer

Twitter: @johnthelawyer

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

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