In this episode, Mark Paller dives into the Bipartisan Corporate Transparency Act and what it means for business owners. He explains the requirement for established businesses to report ownership information to the Financial Crimes Enforcement Network (FINCEN) by January 1, 2025, with ongoing updates for ownership or address changes. Mark details the reporting process, including what business and personal information needs to be filed, and highlights the penalties for non-compliance, which range from fines to potential jail time. He advises business owners to file promptly or consult their CPA or attorney for assistance. For additional resources, visit Paller Financials' website or reach out to their team directly.