John SkabelundCorporate Transparency Act with John Skabelund

December 28, 2023

WealthAbility for CPAs #113 – How will the Corporate Transparency Act (CTA) impact your small business clients? What can we do to help our clients get through this? In this episode, John Skabelund joins Tom in a thorough breakdown of what the CTA means for our clients, what steps are required for filing, and the important role CPAs and attorneys play in this upcoming change. 

Order Tom’s book, “The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make” at: https://winwinwealthstrategy.com/ 

SHOW NOTES:
00:00 – Intro
02:13 – What is the Corporate Transparency Act (CTA)? 
03:15 – Steps for Business Entities
08:30 – 3 Categories in FinCEN Statement
10:00 – Which information has to be reported? (continued in 21:25)
14:00 – How is a “Beneficial Owner” defined?
19:00 – Who is responsible for filing BOI?
22:02 – Who is exempt from BOI?
26:45 – 3 Key Principals of Asset Protection
29:13 – Fines and Penalties for not complying with CTA
33:50 – Important Final Words 

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Website: skabelund.com, ultimateassetprotection.com