Why has no one talked about this before? Why aren't business owners MAD AS HELL and run the politicians who allowed this out of office??!! This will NOT solve the criminal problem, it will ONLY treat legitimate business owners as criminals. I seriously doubt this has anything to do with crime and everything to do with control.
And anyone that thinks they will keep all this information private or secure lives in some other dimension and has zero knowledge about governments or the real world. And no doubt there will be increasing fees associated with all of this.
4 years ago means it was passed during the Trump era, to take effect during the 2024 election cycle to look like a Democrat issue....I remember reading about this when it happened and then totally forgot until I got my notice
"Those who would give up essential Liberty to purchase a little temporary Safety deserve neither Liberty nor Safety." Ben Franklin... they can pitch this however they want but it is more government overreach sold to the sheep as "for your safety"
To really add insult to injury....they exempted businesses with over 20 employees. I think they have it backward. It's just another slap in the face of small business and a gift to big corporations.
Thirty-four minutes of video with only 90 seconds worth of content. Theatrics and scaring you into using their services. The reporting is simple. If you need extra support, a local CPA or tax attorney is your best option.
2:25 That’s not why they are doing it. Or they’re change or enact laws already on the books. They want in pockets and to transition into digital currency. It’s an audit.
It’s not about them getting the information. It’s about hoping you forget to file or update every time someone in the entire company moves and then you will owe $500 in fines every day that you forgot. It’s 100% about the money.
A 34-minute video with only 90 seconds worth of content. Two ego-driven clowns scaring you into using their services. A local CPA or tax attorney is your best option.
Great video, I jsut read about the new rules online yestrday and found your video today.They better start building more jails lol, what about sole p , non LLC businesses under 10 employees? or is it only apply to LLC?
So if the gov't already has this information. As you said. Why then are you being required to report it. While I do understand that we need to go after criminal enterprise. This sounds so similar to the gov't desire to know who owns firearms. My understanding is that part of the reason for these entities was to protect the privacy of the shareholders/owners. Please explain how this will benefit law abiding citizens in the long term.
For those with existing entities, start watching to avoid cringe level humor, caffeine-induced spaz attacks and get to the info you need. These guys give me used car salesman vibes.
I can see you are new to Mark Kohler. He is so brilliant and makes his videos full of educational information with not so boring but funny remarks. Have an open mind and let his wisdom illuminate you. 😊❤😊
Add Klaus Schwab of the WEF recently saying everything will be have to be transparent from now on and you know exactly what this is for. Social Credit Scores and the whole bit.
When it was applied for it had the business it was used for. If it's an illegal using the LLC work around with an EIN they can still do it as long as there isn't legal action against them
When you are afraid of the government. That’s not a proper relationship. Regardless of the laws that have been passed. The govt should not be showing up with guns from the federal level. The state level should. They should receive all activities from the federal govt as a request for tbe citizen within the state.
Just devolve the Lcc before Jan or report everything send in a blank statement if you've made nothing. There's nothing to report if you don't have a bank tied to it .
You guys should not be advocating this. You be fighting it every step of the way as it's a gross over reach of the government. I've never committed a crime let alone a financial crime. Where is the trial?
It's business don't take it personal they're still giving out valuable information for you to do it yourself if you can't you can then pay for their services the choice is up to the people.
Sounds interesting, but I do have to say, for a video were you keep saying "this in not an INFOMERCIAL", it sounds exactly like one. For people who truly want to do this themselves there are other videos out there that will walk you through step by spep.
People need to learn to take care of their legal stuff to avoid this stuff protect your identity, business and other assests that the smartest wises thing anyone can do
How does the CTA increase my risk of being sued by greedy lawyers because now they can get my personal data, home address, etc? How does this affect the "anonymity" strategy of setting up a Wyoming LLC?
Loved this video, and super grateful for y’all! Y’all are also funny as hell and entertaining to watch! Literally wanna hangout with you guys! Can’t say that about too many tax ppl lol
you send the information to the same place that sent you the EIN # IRS Cincinnati, OH. Tells you right where to send it on ITS web site. I’m assuming if you were only using your ss you still send it there.
Does this apply to an estate as well? I had to get an ein when some of the personal property was sold and there's some real estate that is being listed for sale. If that's the case then do all of the heirs need to be listed or the one who is supposed to get the majority, etc.
Apparenty you are exempt from CTA reporting according to the FinCEN(dot)gov site, with specifics. C. 6. Is a sole proprietorship a reporting company? "No, unless a sole proprietorship was created (or, if a foreign sole proprietorship, registered to do business) in the United States by filing a document with a secretary of state or similar office. An entity is a reporting company only if it was created (or, if a foreign company, registered to do business) in the United States by filing such a document. Filing a document with a government agency to obtain (1) an IRS employer identification number, (2) a fictitious business name, or (3) a professional or occupational license does not create a new entity, and therefore does not make a sole proprietorship filing such a document a reporting company.
Then get it registered and keep it up to date, or have FinCEN knock on your door and have to prove you qualify for the exemption. It's not assumed you qualify, you will need to prove it. It'll actually be less work to just set it up right, or dissolve it and set it up right later when you actually need it.
Just in case… The Corporate Transparency Act (CTA) was introduced as part of the Anti-Money Laundering Act of 2020, which was itself part of the National Defense Authorization Act (NDAA). Although then-President Donald Trump vetoed the NDAA, Congress overrode the veto on Jan. 1, 2021. 3
James Baker has already discussed this and filled in the details in real time, taking no more than five minutes. You have till the end of 2024 to fill it out if your LLC was created before that year. It's basic information. You file it within 30 days, I believe, if your LLC was formed in 2024.
Good info I just set up an llc in 2023 nice to know about this stuff I have a accountant helping he's done my taxes for a few years now I got things to think about and questions to ask or I feel more aware now for shur I rather know about this stuff a head of time 200 Is cheap considering what you will pay wen you get whacked 😂500 a day fine aint
It amazes me that the these government agencies don't know how criminal organization is work all they have to do is take a look at themselves and they will know how all these criminal organizations work and how the catch these criminals criminals aren't going to use their names to open llc's. Let's use El Chapo's wife for example for the longest time she was not expected to have any part in his business but later they found out she has now I happen to know real criminals that were from Europe who have also done these things they don't ever have businesses and their names. The brother will have the LLC in his name the wife will have the LLC in her name and so forth. Going forward let's look at how police officers become police officers a police officer is someone who has not been caught being a criminal because in order to become a police officer you can't have any criminal history and not all police officers are good police officers they are simply who have not been caught doing criminal activities. Well you might say what am I on about? Well Al Capone's brother was with the police department. Sure he might not have been a criminal but he definitely had a criminal in the family. Dad tells you right there he was easily able to assess what the PD was doing so that he can run his operation. Let's take a look at how the Hells Angels stay under the radar they are considered a charity organization slash biker gang. They are known for having Charities for children yet they participate in drug trafficking. I mean it's not rocket science man these are things that we learned in college or at least I did
Is life liveable is the question! To many laws to be able to just llive! The New Left Alone Peaceful life is to not own anything or do anything in life! Go to A day job not self employment and go home and that's it!
To have a chance to get your question answered on a podcast, please submit it to podcast.mainstreetbusiness.com/ OR register for our FREE webinar coming up on Jan. 25 where we dive deeper into the CTA at info.entrepreneur.com/what-you-need-to-know-about-the-corporate-transparency-act?Webinar-Corporate-Transparency-Act&Host&Share&Kohler-Sorensen
Why has no one talked about this before? Why aren't business owners MAD AS HELL and run the politicians who allowed this out of office??!! This will NOT solve the criminal problem, it will ONLY treat legitimate business owners as criminals. I seriously doubt this has anything to do with crime and everything to do with control.
Your LLC should have got a notice we did.
Not about criminals. All about control
And anyone that thinks they will keep all this information private or secure lives in some other dimension and has zero knowledge about governments or the real world. And no doubt there will be increasing fees associated with all of this.
4 years ago means it was passed during the Trump era, to take effect during the 2024 election cycle to look like a Democrat issue....I remember reading about this when it happened and then totally forgot until I got my notice
Facts
"Those who would give up essential Liberty to purchase a little temporary Safety deserve neither Liberty nor Safety." Ben Franklin... they can pitch this however they want but it is more government overreach sold to the sheep as "for your safety"
I agree!
Facts!!!
Unreal
no ID to vote, but all this required.. .interesting.
❤❤❤
EVIL..
To really add insult to injury....they exempted businesses with over 20 employees. I think they have it backward. It's just another slap in the face of small business and a gift to big corporations.
“Private, not publicly available” - any bets on how many months before it’s hacked and leaked?
The end of summer/early fall.
Most businesses don't even know about this yet. At least not the single member LLC bookkeeping clients that I have. Nightmare.
Most of these LLCs or just dormant; they should’ve been dissolved and weren’t. They aren’t criminal entities.
I notice no one talking about how to fight laws
Cause it hasn’t been set up yet. If you go to the web site in the faq. Section it says it’s not even set up yet to receive information.
Thirty-four minutes of video with only 90 seconds worth of content. Theatrics and scaring you into using their services. The reporting is simple. If you need extra support, a local CPA or tax attorney is your best option.
2:25 That’s not why they are doing it. Or they’re change or enact laws already on the books. They want in pockets and to transition into digital currency. It’s an audit.
For 1120S and 1065 those who file it for LLCs, IRS already have that data on who owns what percentage. Cant they just pull it from that?
It’s not about them getting the information. It’s about hoping you forget to file or update every time someone in the entire company moves and then you will owe $500 in fines every day that you forgot. It’s 100% about the money.
Well if they already have this information, then the only purpose for this law is to create revenue from the fines.
Doesn’t this undermine your strategy to maintain anonymity and business dealings? Will you be changing that strategy to eliminate entity anonymity?
Holy s*** I'm 2/3 the way through this thing and they haven't set a damn thing yet.
I'm half way through and heard a lot. 😂
@@mangos2888 A lot of words were said that's for sure.
Exactly…..FOCUS GUYS…..
A 34-minute video with only 90 seconds worth of content. Two ego-driven clowns scaring you into using their services. A local CPA or tax attorney is your best option.
What if your LLC is already recorded with your state's office of the Secretary of State?
What about sole proprietors?
Sole prop is an exception
You have to fill it out for the LLC
If it's inactive, it says INACTIVE right on the SOS website. Can the government financial agents read?
ANOTHER case of government saying, "WE ARE HERE TO HELP YOU". And FYI, NOTHING government has is "PRIVATE".
Is this the same for c-corps, trusts and nonprofit’s ???
Great video, I jsut read about the new rules online yestrday and found your video today.They better start building more jails lol, what about sole p , non LLC businesses under 10 employees? or is it only apply to LLC?
How does this apply to Trusts that have an EIN attached to it?
So if the gov't already has this information. As you said. Why then are you being required to report it. While I do understand that we need to go after criminal enterprise. This sounds so similar to the gov't desire to know who owns firearms.
My understanding is that part of the reason for these entities was to protect the privacy of the shareholders/owners. Please explain how this will benefit law abiding citizens in the long term.
I want to know what the politicians all own
This is gonna be a lot of work for the bidens.
This might be the best part of the new rule
The politician own over 20 employees so they do not have to do anything!
By luck I just happen to stumble on this video from one of your other ones. MANY thanks for a teeny tiny LLC business owner. You guys rock!
For those with existing entities, start watching to avoid cringe level humor, caffeine-induced spaz attacks and get to the info you need. These guys give me used car salesman vibes.
Yes, sameee. I’m barely a minute in and I paused the video
I can see you are new to Mark Kohler. He is so brilliant and makes his videos full of educational information with not so boring but funny remarks. Have an open mind and let his wisdom illuminate you. 😊❤😊
how does it help to go after non-criminal citizens with fees and jail time? you guys are delusional if you think this isn't corruption.
Add Klaus Schwab of the WEF recently saying everything will be have to be transparent from now on and you know exactly what this is for. Social Credit Scores and the whole bit.
What if there is an "active" EIN, but it was NEVER tied to a business entity?
When it was applied for it had the business it was used for.
If it's an illegal using the LLC work around with an EIN they can still do it as long as there isn't legal action against them
When you are afraid of the government. That’s not a proper relationship.
Regardless of the laws that have been passed.
The govt should not be showing up with guns from the federal level. The state level should. They should receive all activities from the federal govt as a request for tbe citizen within the state.
I am laughing like I'm there with you guys when you started talking about the IRS CI worker "Can I get your card? I don't have cards" lol.
Just devolve the Lcc before Jan or report everything send in a blank statement if you've made nothing. There's nothing to report if you don't have a bank tied to it .
They have targeted us and they are happy as hell .
Is this going to apply to politicians
You guys should not be advocating this. You be fighting it every step of the way as it's a gross over reach of the government. I've never committed a crime let alone a financial crime. Where is the trial?
You guys are also looking to make money ...PLEASE TALK ABOUT THAT!!! BE HONEST ABOUT THAT!!!!!
It's business don't take it personal they're still giving out valuable information for you to do it yourself if you can't you can then pay for their services the choice is up to the people.
They already have it yet, LLC can scam people easily. They already have it, yet they asking for it. What a contradiction!
Thanks for the important info.
But 35 minutes to say what should of been said in 5 minutes - I hope you are not billing per hour.
Wow! Do you think Uncle Joe and friends will be exempt?
Sounds interesting, but I do have to say, for a video were you keep saying "this in not an INFOMERCIAL", it sounds exactly like one.
For people who truly want to do this themselves there are other videos out there that will walk you through step by spep.
Any way this could be done early? 🤔 Feels like that website will crash with every business in America trying to complete this process on Jan 1st💥
👀Millionaires watching this 😮💨...time to move to dubai.😅
😂😂😂😂
People need to learn to take care of their legal stuff to avoid this stuff protect your identity, business and other assests that the smartest wises thing anyone can do
Great thanks guys can you have this episode translated to Spanish
You saying jail time but that's not the case ; if you are using the LLC to commit fraud . If it's just laying around desolate it .
The criminals are definitely not running to Ukraine to hide!😂❤
You said Dept. of TREACHERY.... oops. What a slip!
What about Wyoming and their privacy with LLC ownership
What are your thoughts about Accountants completing?
My favorite movie line ever. Doc Holiday 😍
How does the CTA increase my risk of being sued by greedy lawyers because now they can get my personal data, home address, etc? How does this affect the "anonymity" strategy of setting up a Wyoming LLC?
It runs it. Federal law overrules state law. Sorry.
HA, HA, HA, This current DC admin is on its Way OUT, will Crash. I Am NOT WORRIED IN LEAST BIT ABOUT THIS CRAP! LOL... LOL..
Laughable!!!
Private!! Big bro aint private!
The sales is why I can't with people like yall. Just tell people what they need to do. 👎🏽
Where can people fill this out this on their own?
Loved this video, and super grateful for y’all! Y’all are also funny as hell and entertaining to watch! Literally wanna hangout with you guys! Can’t say that about too many tax ppl lol
This is only for LLC? What about sole proprietor with EINs?
Your crazy this is about destorying small bussiness thats all
This Is GUILTY UNTIL PROVEN INNOCENT.
What about sole prop entities that are not LLCs that still have an EIN?
Always trying to keep the little guy down. Just another way to make us pay more money.😢
If I had a LLC back in 2005 2006 and I have done nothing with it since if it’s still out there or is it gone?
There is no fee to file this
What about a Delaware trust?
Does this change the strategy that you outlined in 2021 on how to protect cryptocurrency capital gains?
I can’t watch these guys when they’re telling us how “good” or the “benefit” this POS law is BS.
Good to know!
Interesting enough - the name Vincent means..... "Conquering" 😮
What if go under sole proprietor ?
It’s about control & if you think otherwise you are compliant like Germans were during Hitlers reign
Thanks for bringing this topic up.
you send the information to the same place that sent you the EIN # IRS Cincinnati, OH. Tells you right where to send it on ITS web site. I’m assuming if you were only using your ss you still send it there.
Not Funny. Up to no good at all. We have learned what organized crime is by now. May the Most High Judge it all!!!
Thanks data breaches every day nothing is private anymore
Is mark still involved with Kohler & Eyre CPAs?
Coops should be springing up lol
It's $500 a day but it's only $10000 max
Does this apply to an estate as well? I had to get an ein when some of the personal property was sold and there's some real estate that is being listed for sale. If that's the case then do all of the heirs need to be listed or the one who is supposed to get the majority, etc.
What if it’s in an irrevocable trust?
Would this also happen in Puerto Rico?
Of course. PR is a US territory that is subject to all federal US laws.
This would never be used against opponents of the regime
Ok, if chinese guy uses llc to rip you off, complain to xi
Im a sole prop...I never had an LLC, S-Corp, C-Corp etc. but I have an EIN for my sole prop. Do I need to do anything or not?
Apparenty you are exempt from CTA reporting according to the FinCEN(dot)gov site, with specifics.
C. 6. Is a sole proprietorship a reporting company?
"No, unless a sole proprietorship was created (or, if a foreign sole proprietorship, registered to do business) in the United States by filing a document with a secretary of state or similar office. An entity is a reporting company only if it was created (or, if a foreign company, registered to do business) in the United States by filing such a document. Filing a document with a government agency to obtain (1) an IRS employer identification number, (2) a fictitious business name, or (3) a professional or occupational license does not create a new entity, and therefore does not make a sole proprietorship filing such a document a reporting company.
What if you want to keep one that's not active/laying around in the event of possibility using it again in the future? Before 2020
Then get it registered and keep it up to date, or have FinCEN knock on your door and have to prove you qualify for the exemption. It's not assumed you qualify, you will need to prove it. It'll actually be less work to just set it up right, or dissolve it and set it up right later when you actually need it.
Stop trying to scare people
Just in case…
The Corporate Transparency Act (CTA) was introduced as part of the Anti-Money Laundering Act of 2020, which was itself part of the National Defense Authorization Act (NDAA). Although then-President Donald Trump vetoed the NDAA, Congress overrode the veto on Jan. 1, 2021.
3
In your introduction..you left out Hunter...
James Baker has already discussed this and filled in the details in real time, taking no more than five minutes. You have till the end of 2024 to fill it out if your LLC was created before that year. It's basic information. You file it within 30 days, I believe, if your LLC was formed in 2024.
Good info I just set up an llc in 2023 nice to know about this stuff I have a accountant helping he's done my taxes for a few years now I got things to think about and questions to ask or I feel more aware now for shur I rather know about this stuff a head of time 200 Is cheap considering what you will pay wen you get whacked 😂500 a day fine aint
It amazes me that the these government agencies don't know how criminal organization is work all they have to do is take a look at themselves and they will know how all these criminal organizations work and how the catch these criminals criminals aren't going to use their names to open llc's. Let's use El Chapo's wife for example for the longest time she was not expected to have any part in his business but later they found out she has now I happen to know real criminals that were from Europe who have also done these things they don't ever have businesses and their names. The brother will have the LLC in his name the wife will have the LLC in her name and so forth. Going forward let's look at how police officers become police officers a police officer is someone who has not been caught being a criminal because in order to become a police officer you can't have any criminal history and not all police officers are good police officers they are simply who have not been caught doing criminal activities. Well you might say what am I on about? Well Al Capone's brother was with the police department. Sure he might not have been a criminal but he definitely had a criminal in the family. Dad tells you right there he was easily able to assess what the PD was doing so that he can run his operation. Let's take a look at how the Hells Angels stay under the radar they are considered a charity organization slash biker gang. They are known for having Charities for children yet they participate in drug trafficking. I mean it's not rocket science man these are things that we learned in college or at least I did
What can I do at this time? Because the company I was working with haven't paid in months. The company is Eagle cleaning services.
I've had it! Retiring...
THey can SHARE the info with other entities to determine your political status.. then arrest you at gunpoint in middle of the night..
Is life liveable is the question! To many laws to be able to just llive! The New Left Alone Peaceful life is to not own anything or do anything in life! Go to A day job not self employment and go home and that's it!
What about non profits?
OMG. Thanks
There no news here
Man, there is nothing like having to watch other commercials in the middle of an infomercial.
Wait until you will have to have proof of this for any banking.
Hi, what about a LLc that does not have an ein, the LLc is new?
You have a to file
@@sparksmcgee6641 thank you!
I thought this was for new entities starting in 2024?
Hi Mark, Can we claim lasik surgery cost as my business (Single Member LLC-Scorp) expenses?
so is it LLC or EIN that need to do it as my wife has gotten an EIN for a sole proproetor biz and not an llc
Does this apply if you have an LLC with no EIN and do not do any business?
To have a chance to get your question answered on a podcast, please submit it to podcast.mainstreetbusiness.com/ OR register for our FREE webinar coming up on Jan. 25 where we dive deeper into the CTA at info.entrepreneur.com/what-you-need-to-know-about-the-corporate-transparency-act?Webinar-Corporate-Transparency-Act&Host&Share&Kohler-Sorensen
Does this affect LLC with involuntary dissolution… prior to end of 2024?
Asnswer - only if your LLC was established before 2020… YW