Corporate Transparency Act (CTA) Explained: Who Needs to File & What It Means for Businesses

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Investing for Americans Abroad and U.S. Expats | Gimme Some Truth for Expats

Walkner Condon Financial Advisors for U.S. Expats

73 episodes

3 days ago

For many Americans, living abroad is the dream. But the reality of being a U.S. expat, particularly when it comes to finances and attempting to invest from outside of the United States, can quickly turn into a nightmare with the complexities involved. With first-hand expat experience and their professional background in working with U.S. expats, financial advisors Keith Poniewaz, PhD.; Stan Farmer, CFP®, J.D.; and Syl Michelin, CFP®, cover an assortment of key topics U.S. expats and Americans abroad should know about investing and finances, whether they're already abroad or planning a move.

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Corporate Transparency Act (CTA) Explained: Who Needs to File & What It Means for Businesses

Investing for Americans Abroad and U.S. Expats | Gimme Some Truth for Expats

27 minutes 28 seconds

9 months ago

Corporate Transparency Act (CTA) Explained: Who Needs to File & What It Means for Businesses

The Corporate Transparency Act (CTA) is a new federal law requiring millions of businesses to report their beneficial ownership to the Financial Crimes Enforcement Network (FinCEN). But who needs to file? What are the penalties for non-compliance? And why has the CTA been challenged in court?In this video, we cover:✅ Who must file under the CTA (LLCs, Corporations, and Foreign Entities)✅ Key deadlines & reporting requirements✅ Potential penalties for non-compliance✅ Why 93% of businesses are unaware of this law✅ Legal challenges and the possibility of repealDon’t get caught off guard—learn how the CTA impacts small businesses, foreign investors, and corporate compliance in 2025 and beyond.🏛️ What is the Corporate Transparency Act (CTA)? – Overview & why it was passed (0:38)📜 Who enforces the CTA? – FinCEN’s role in compliance & penalties (1:10)⚖️ Supreme Court Challenges & Legal Issues – Why enforcement is uncertain (3:45)📊 Who is required to file? – Over 33 million U.S. businesses affected (6:29)🏦 How does the CTA shift financial compliance? – From banks to businesses (9:57)🚨 Small Business Risks & Awareness Issues – 93% of businesses unaware of the law (14:03)💰 What are the penalties for non-compliance? – Fines & criminal consequences (17:25)🌍 Does the CTA affect foreign investors? – Global impact & real estate implications (21:07)🔍 Could the CTA be repealed? – Congressional opposition & potential legal rollback (24:42)📅 Final Takeaways: How to Stay Compliant – Steps to protect your business (26:50)