BOI Reporting Delayed: The Future of the Corporate Transparency Act
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 5 December 2024
⏱️ 22 minutes
🧾️ Download transcript
Summary
In this episode, we're diving into the latest legal drama surrounding the Corporate Transparency Act (CTA). A federal judge in Texas has temporarily blocked this law, which would have required U.S. businesses to report detailed information about their stakeholders to the government. What does this mean for business owners? Is this a win for small businesses or just a delay in the inevitable? We'll break down the law, the court's decision, and what might happen next—all in plain English.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.8 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.7 | I'm your host, Devin, joined by my co-host, John Ross. |
| 0:17.1 | Howdy. |
| 0:26.1 | Yeah. Ross. John, the corporate transparency act. |
| 0:28.2 | This is something we've talked about on the podcast before. |
| 0:30.3 | Yes, we have, in fact. |
| 0:32.1 | And, man, it was quite the bugger of an act, wasn't it? |
| 0:36.0 | It is a, yeah, it's a, I mean, personally, it's a monstrosity of government interference. |
| 0:43.9 | Yes. |
| 0:44.4 | Oh, for sure. |
| 0:45.5 | You know, the theory, just to recap, the theory is that there is criminal money laundering enterprises that are using anonymous entities |
| 1:00.0 | for money laundering purposes. |
| 1:02.9 | Yeah. |
| 1:03.3 | And to combat that, they passed the Corporate Transparency Act, which requires virtually |
| 1:10.4 | every entity created, that's your LLCs, |
| 1:15.0 | your corporations, your limited partnerships, any entity that's registered with a secretary |
| 1:20.4 | of state or created through some official government way like that, to report the beneficial |
| 1:26.9 | owners of that company. And beneficial owners are |
| 1:31.1 | anybody that owns 25% or more and anybody that has a greater than, you know, a decision-making power |
| 1:41.1 | in there, right? So that could be like the president of the company, |
... |
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