[PODCAST] Great news if you own a company

Right at the beginning of the year in early January, I wrote to you about one of the dumbest laws to hit the books in the Land of the Free in a VERY long time. It’s called the Corporate Transparency Act. The article was called, “Get ready to spend two years in prison,” because, two years in prison is literally the penalty for noncompliance. You see, the do-gooders in Washington decided that there is too much criminal money laundering taking place in the US banking system. Nevermind that these brainiacs have already passed countless other laws to combat money laundering... all of which seem to be dismal failures. So they decided to pass yet another anti-money laundering law, which requires every company in America to file a special report to the federal government disclosing the names of its owners. So if you own a Delaware LLC, for example, to own your family investments, then they wanted you to file this report... even though you ALREADY report the exact same information to the IRS each year. Well that doesn’t matter. The government wants you to send the same info— but in a different format— to another agency within the Treasury Department. And if you don’t file the report, they threatened everyone with up to two years in prison. Obviously “ignorance of the law is not an excuse”. They just expect you to keep up with the flood of new laws, plus agency rules, plus court decisions which might modify or nullify all the rules and laws. Case in point: earlier this week, a VERY sensible federal judge thankfully issued a nationwide injunction on the Corporate Transparency Act, suspending compliance requirements until a final ruling. This is great news; it means that, at least for now, you do not have to comply with the CTA. But it also illustrates how quickly the laws change. Like literally every single day. It’s practically a full-time job to keep up with all the changes... and it’s virtually impossible to have a functioning society when the rules are so fluid. This is the topic of this weekend’s podcast— we hope you enjoy and look forward to speaking with you again next week.