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Category

😹
Fun
Transcript
00:00Business owners can be fined up to $500 per day if they miss this news.
00:04Four years ago, Congress passed something called the Corporate Transparency Act,
00:08which was designed to stop money laundering and tax fraud.
00:11Basically, every business owner just has to file some forms with the federal government,
00:14and the deadline to do it is the end of this year.
00:17The penalties, if you don't comply, are actually insane.
00:20You can get a 10 grand fine and then up to $600 per day in civil penalties.
00:26But a group of business associations have challenged this law in federal court,
00:30saying that it's unconstitutional.
00:31And in the last couple of days, there's been a lot of rulings that have made the whole thing
00:35very confusing.
00:36The ruling is on again, it's off again, it's on again, off again.
00:39As of the 23rd, it looked like the deadline was going to be enforced,
00:42but then two hours ago, it changed again and now there is a delay on the enforcement of this law.
00:48We don't know what will happen, but personally, I recommend just filing the forms.
00:51I did it for each of my LLCs, it took me like three or five minutes each,
00:55and I'm just not willing to risk those penalties.
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