 Fed Corp Trans Act (by Don [MO]) Oct 27, 2024 12:16 PM
 Fed Corp Trans Act (by 6x6 [TN]) Oct 27, 2024 1:06 PM
Fed Corp Trans Act (by NE [PA]) Oct 27, 2024 3:39 PM
Fed Corp Trans Act (by NE [PA]) Oct 27, 2024 3:50 PM
Fed Corp Trans Act (by Ken [NY]) Oct 27, 2024 4:17 PM
Fed Corp Trans Act (by NE [PA]) Oct 27, 2024 4:37 PM
Fed Corp Trans Act (by 6x6 [TN]) Oct 27, 2024 4:42 PM
Fed Corp Trans Act (by Don [MO]) Oct 27, 2024 6:25 PM
Fed Corp Trans Act (by NE [PA]) Oct 27, 2024 6:58 PM
Fed Corp Trans Act (by Richard [MI]) Oct 27, 2024 7:18 PM
Fed Corp Trans Act (by Ken [NY]) Oct 27, 2024 7:23 PM
Fed Corp Trans Act (by Bonanza [NC]) Oct 27, 2024 7:25 PM
Fed Corp Trans Act (by WMH [NC]) Oct 27, 2024 7:54 PM
Fed Corp Trans Act (by Don [MO]) Oct 27, 2024 9:03 PM
Fed Corp Trans Act (by Marv [IL]) Oct 28, 2024 8:39 AM
Fed Corp Trans Act (by Ray-N-Pa [PA]) Oct 29, 2024 7:21 AM
Fed Corp Trans Act (by Don [MO]) Posted on: Oct 27, 2024 12:16 PM
Message:
More Federal Government Requirements. As of January 1, 2025 The Corporate Transparency Act, (CTA), part of the Anti Money Laundering Act requires corporations and L.L.C.'s to file a compliance (information), form. Yea, there is a $500 fine per day and up to $10,000. I just file my forms for my L. L. C's by going - WWW.fincen.gov/boi. Check it out guys. I am no expert on this requirement. Check it out or contact your accountant, or, CPA, or attorney.
Yea, more work/cost to being a landlord! Lets see how much interest this topic gets!!? --99.191.xxx.xx |
Fed Corp Trans Act (by 6x6 [TN]) Posted on: Oct 27, 2024 1:06 PM
Message:
The government wants control. --73.108.xxx.xxx |
Fed Corp Trans Act (by NE [PA]) Posted on: Oct 27, 2024 3:39 PM
Message:
They said we had to get vaccinated too. --24.152.xxx.xx |
Fed Corp Trans Act (by NE [PA]) Posted on: Oct 27, 2024 3:50 PM
Message:
Has anyone checked this against ex post facto? --24.152.xxx.xx |
Fed Corp Trans Act (by Ken [NY]) Posted on: Oct 27, 2024 4:17 PM
Message:
they probably wont ever bill anyone,it will be one of those things they use to bury someone with fines when they are after you.that being said i will do it because they already have that info,not like they dont know or cant figure out easily who is behind a LLC --208.115.xxx.xx |
Fed Corp Trans Act (by NE [PA]) Posted on: Oct 27, 2024 4:37 PM
Message:
Ken, that’s kind of what I’ve been thinking this whole time. That’s why I think new investments need to budget for fines. It’s just the world we operate in and the government we have. --24.152.xxx.xx |
Fed Corp Trans Act (by 6x6 [TN]) Posted on: Oct 27, 2024 4:42 PM
Message:
Ken, I believe your right. Which would mean it is just to create another revenue stream. --73.108.xxx.xxx |
Fed Corp Trans Act (by Don [MO]) Posted on: Oct 27, 2024 6:25 PM
Message:
This law is directed to better identify money laundering from drugs. This only pertains to Corporations, LLC's, & Trusts. SS#s are what individuals use. Again, only those tax returns that use EIN's, Employer Identification numbers LLC's Corporations, Trusts have to file this form. All that needs to be done about mid 2025 is to compare those that filed this form with the tax data base of corporations, LLC's and Trusts. Real easy. No match, on EIN's, then those did not file. Easy fines assessed. I will NOT give them easy money! --99.191.xxx.xx |
Fed Corp Trans Act (by NE [PA]) Posted on: Oct 27, 2024 6:58 PM
Message:
It amazes me that people still take what they say and the reasons they give as the truth. --24.152.xxx.xx |
Fed Corp Trans Act (by Richard [MI]) Posted on: Oct 27, 2024 7:18 PM
Message:
Don, Are you sure about trusts?
With all the info and opinions going around are you sure that simple living trusts that we put a house into require this? --97.85.x.xx |
Fed Corp Trans Act (by Ken [NY]) Posted on: Oct 27, 2024 7:23 PM
Message:
I thought there was no cost? at least for now --208.115.xxx.xx |
Fed Corp Trans Act (by Bonanza [NC]) Posted on: Oct 27, 2024 7:25 PM
Message:
There is no cost but you need to do it before Dec 31st unless the new president changes the rules. --65.188.xxx.xxx |
Fed Corp Trans Act (by WMH [NC]) Posted on: Oct 27, 2024 7:54 PM
Message:
John Hyre said do it, so I did it. He said things could change but if they don't, big fines are in your future if you don't. He said it's a money grab and ridiculous. What's new?
They already have the info - this is just more paperwork mumbo-jumbo. But if you don't do it to be stubborn, plan accordingly financially.
It's like those people who don't believe they need to pay income tax because it's not in the Constitution or something like that.
Okay.
Then go to jail like Capone, or owe millions like Wesley Snipes. --108.4.x.xxx |
Fed Corp Trans Act (by Don [MO]) Posted on: Oct 27, 2024 9:03 PM
Message:
My house is in a trust. I am sure this is NOT applicable to these type trust. I believe the trust that would come under this law would be business orientated ones. I am NO expert. I have, L.L.C's, that is all I am concerned about! --99.191.xxx.xx |
Fed Corp Trans Act (by Marv [IL]) Posted on: Oct 28, 2024 8:39 AM
Message:
The general rule is - if your organization was formed by filing with the secretary of state then you must register. Since living trusts don't have to be filed with the state, then they do not have to be registered. --98.34.xx.xxx |
Fed Corp Trans Act (by Ray-N-Pa [PA]) Posted on: Oct 29, 2024 7:21 AM
Message:
On the topic of trust - it will be any all cash purchase starting next year that will be reported to FINCEN. So create an LLC to lend yourself money on your cash purchases.......
This provide you some level of limited asset protection.
This does NOT apply to land or living trust - yet.
IT WOULD BE WISE TO KEEP USING A LLC AS A BENIFICARY. You will have to report the LLC as having interest in the trust. No big deal. You should be reporting income on a schedule E or a K-1 --24.101.xxx.xxx |
Reply:
|
|