Ep #207 - The New Law Impacting 30 Million Small Businesses With Kenny Dettman

Grow Money Business with Grant Bledsoe

The Corporate Transparency Act (CTA) is federal legislation in the United States that seeks to enhance transparency related to business ownership. The legislation was passed in January 2021 and gave rise to a new reporting obligation called the beneficial ownership information report, which is expected to be delivered in 2024. On this week’s episode of Grow Money Business, Kenny Dettman returns to the show to talk about a wide range of details about the new legislation. Join us as we dive into what CTA is, who is eligible, who is exempt from it, reporting requirements, the penalties for not having the report, and more.

[04.45] CTA – Kenny starts the conversation by defining the Corporate Transparency Act (CTA).

[10.31] The reason – Kenny explains the reason behind the CPA legislation and how it’s going to affect some types of businesses.

[20.47] The impact – Kenny shares FinCEN’s estimates of businesses that will be affected by the new legislation.

[28.22] Deadline – Grant and Kenny discuss deadlines for filling out the BOI report.

[40.15] Creating awareness – Kenny shares some ways people can learn about new and changed legislation.

[48.00] Who should talk to you – Kenny explains who employers that run businesses under a revenue of $5 million should talk to about the new legislation.

Resources

Beneficial Ownership Information Reporting

fincen.gov/boi

Corporate Transparency Act: What Companies Need to Know

corpgov.law.harvard.edu/2021/02/18/corporate-transparency-act-what-companies-need-to-know/

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