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EP 39: The Corporate Transparency Act for Small Business Owners

Dec 1, 2024

The Corporate Transparency Act (CTA), passed on a bipartisan basis in 2021, introduces new federal reporting requirements aimed at improving corporate transparency and combating illegal financial activities. The reporting requirements will impact most small business owners and investors who own or have substantial control over a business entity such as an LLC or corporation. In this podcast, we provide a brief overview of why the CTA was considered necessary and how individuals can ensure they are compliant with the requirements in order to avoid the severe penalties for those who fail to file the necessary information. If you are interested in learning more about the CTA and the reporting requirements, we think you'll enjoy this month’s episode. Thanks for listening! For more details on who needs to file and how to file, we recommend that you check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/the-corporate-transparency-act-for-small-business-owners/

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About The Podcast Hosts

Steve & Nathan

Steve and Nathan have a passion for teaching others about finances and how to build the financial independence that is achievable with the proper planning. In their roles at Prairiewood Wealth Management, both Nathan and Steve focus on providing comprehensive financial advice to ensure their clients have a coordinated plan that covers all aspects of their finances including their investments, insurance, estate plan, and charitable giving goals.

As Certified Public Accountants (CPAs), both Nathan and Steve believe that one of the most overlooked aspects of financial advice is the tax impacts that result. Accordingly, a core focus of the advice they give centers on integrating tax strategy into the overall financial advising process.

Steve and Nathan are excited to share their knowledge through this podcast as well as their blog with the goal of helping you effectively manage your family’s wealth and ensure you have a comprehensive and coordinated plan for your future.

About Steve & Nathan