287 The Corporate Transparency Act Deadline: What Every Farmer Should Know

Have you filed your CTA report yet? (Do you even know what that means?) This is a fairly "new" (and unknown) legal requirement and I'm discovering that a lot of farm business owners have no idea about it. As a business, you may have to file a report, and you have until December 31, 2024, to do so (or face some big fines).

In this episode, I break down the Corporate Transparency Act and its implications for business owners, especially small farms. With insights from my lawyer Richard Chamberlain, we dive into the federal reporting requirements designed to identify your beneficial owners and prevent money laundering and fraud. Learn what your business needs to do to comply and avoid hefty penalties.

• What critical information must you report to the government by the fast-approaching deadline?
• Who exactly qualifies as a "beneficial owner," and why does it matter?
• The surprising exemptions to the Corporate Transparency Act—could your business be off the hook?
• How you could face daily fines or even jail time for missing a simple filing.
• Can you file on your own, or is a lawyer necessary to navigate this new law?

Tune in to find out how this law impacts your business and the steps you need to take before December 31, 2024! Your homework is to TAKE CARE OF THIS by the end of the year! It only takes 10 minutes. Do it this week!

Meet my Lawyer: Richard Chamberlain.

Richard Chamberlain is the founder and managing attorney of Legacy Law Group in Perrysburg, Ohio. He is admitted to practice law in both Ohio and Michigan. He earned his undergraduate degree in Economics from Tulane University in New Orleans, LA in 1989 and his law degree from Florida State University in Tallahassee, FL in 1992. After working at different law firms in Florida, North Carolina and Ohio, Richard founded the Legacy Law Group in 2007 and focuses primarily on serving clients in estate planning, legacy planning, asset protection and estate administration matters. Richard’s first book, Protecting your Family’s Future – All about Wills, Trusts & Probate, was published in September of 2020. Richard also hosts a podcast, Protecting Your Family’s Future, which is available on all major podcast platforms. Richard and his wife Kelly have been married for 30 years and they have 4 daughters and 1 granddaughter. They enjoy spending time together going to the lake, boating, hanging out with their dogs, watching movies, and traveling.   To learn more about Richard Chamberlain's law firm: www.PlansThatWork.net   To get Richard's free ebook PDF about estate planning, wills, and probate to help you navigate this topic for your farm: https://plansthatwork.net/ep-book   Richard’s podcast, Protecting Your Family’s Future, is available on all major podcast platforms.  

Podcast Sponsor:

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