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Compliance with New Corporate Transparency Act Detailed in New Family Enterprise USA Webcast with legal Expert Matt Brown
Brown & Streza Partner Explains Why 30 million Businesses are filing CTA Details This Year
A little understood new law, the Corporate Transparency Act, is reviewed and detailed by tax expert Matt Brown in a new webcast hosted by Family Enterprise USA.
In the webcast available now, host Pat Soldano, President, Family Enterprise USA, talks with Brown about the little understood ramifications of the 2024 Corporate Transparency Act (CTA), how it will affect family businesses of all sizes, and why Congress enacted it in the first place.
Brown, a partner at Newport Beach, Calif.-based Brown & Streza, provides details in his presentation on the law’s requirements that certain businesses report information about their owners, entities, and subsidiary business structures. The overall goal of the CTA law is to help combat money laundering, tax evasion, and other financial crimes.
In addition, Brown and Soldano discuss the reporting requirements and the potential penalties for non-compliance. Brown also provides guidance on how businesses can more easily comply with the law.
“The law went into effect this year and was designed to not hurt family businesses but rather to uncover businesses willfully violating financial rules and safeguards,” says Brown during the webcast. “There are penalties, both civil and criminal, if businesses do not comply or are found to be misrepresenting their businesses by design,” he said. “We see some 30 million businesses voluntarily filing their CTA forms this year.”
Brown heads the firm’s Tax, Trusts, & Estates Group and its Ultra-High-Net-Worth subgroup. He also represents business owners and philanthropists in personal planning, business succession planning, and charitable planning. The firm’s clients are multi-generational family businesses, successful entrepreneurs, investors, philanthropists, and charitable organizations.
For more information on the Corporate Transparency Act go to: www.fincen.gov.
“This new law is not fully understood,” said Soldano about the webcast. “Matt makes it clear what’s needed to comply, what steps are required, and what the penalties are if family businesses do not comply,” she said. “This webcast is part of our series designed to provide valuable information family businesses can use to help their businesses grow, and stay prosperous into future generations.”
According to research, America’s multi-generational family-owned businesses contribute $7.7 trillion annually to the U.S. gross domestic product. Family businesses are the largest private employers in the country, accounting for 83.3 million jobs, or 59 percent of the country’s private workforce.
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Since 1995, Policy and Taxation Group has been the leading advocacy group working to reduce and eliminate estate tax, gift tax, and generation skipping transfer tax while blocking increased income tax and capital gains taxes, the creation of a wealth tax, and other hostile tax policies that punish hardworking taxpayers and success.
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