In this episode, Jack BeVier and Craig Fuhr interview tax attorney Doug Stein about the Corporate Transparency Act (CTA) and its implications for real estate investors. The CTA requires the reporting of beneficial owners of LLCs and other entities, removing the anonymity that previously existed. The reporting requirements apply to both existing and new entities, and failure to comply can result in penalties. The impact on trusts is still unclear, but it is likely that beneficiaries will need to be disclosed. The process of reporting can be complex and time-consuming, and it is recommended to seek professional help for multiple entities.

Chapters

00:00 - Introduction to Doug Stein and Tax Planning

13:00 - Corporate Transparency Act (CTA)

21:00 - Impact on Trusts and Reporting Requirements

24:00 - Mechanism for Reporting and Challenges

28:00 - Wrap-up and Next Episode