One Simple Step to Avoid a $600 Daily Penalty: The Corporate Transparency Act

GPS to your Business Success

In this episode of the GPS to Your Business Success podcast, host Nick Papakyrikos, CPA, dives deep into the new Corporate Transparency Act (CTA) and its filing requirements with the federal government. This legislation affects a wide range of business entities, including corporations and limited liability companies, mandating the submission of beneficial ownership information to avoid hefty daily penalties.

Nick offers a comprehensive overview of who is required to file, which entities are impacted, the potential penalties for non-compliance, and essential steps to fulfill these new reporting obligations. He emphasizes the critical importance of understanding and adhering to these regulations to prevent costly missteps.

Episode Breakdown:

00:00 Introduction to the Podcast

00:26 Overview of the Corporate Transparency Act

01:02 Meet Your Host: Nick Papakyrikos

02:13 Sponsor Acknowledgements

03:44 Detailed Insights on New Filing Requirements

05:29 Real-Life Analogy: The Speeding Ticket

06:49 The Importance of Compliance and Potential Consequences

10:47 Who Must File and What Information is Required

16:31 Exemptions and Special Cases Explained

20:07 Filing Deadlines and Key Takeaways

24:45 Conclusion and Additional Resources

Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers

Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at steercrm.com.

Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at autoshopanswers.com.

FinCEN website: finCEN.gov/boi

Connect with Papakyrikos, CPA: The GPS to Your Business Success

• Visit us online: www.papakyrikoscpa.com
• Email us: [e-mail]