If there is only one thing you take away from the show this year, make it this one: Comply with the CTA. The Corporate Transparency Act (“CTA”) is one of the scariest legislative actions in the history of the United States, effectively turning tens of millions of Americans into felons on January 1, 2025 unless they somehow learn about the reporting requirements of this new law and get a lawyer to file a form with the U.S. Treasury by January 1, showing the details of their small business operations. Billed as an anti-money laundering law, the CTA requires disclosure of the details of your LLC, S Corporation, HOA, etc., to FINCEN - which might not seem like such a big deal until you learn that failure to do so could result in over $500 in daily fines and two years in prison!! Surveys show that a very small percentage of small business owners know about this new law, which appears to be a trap by which the government can ensnare and gain leverage over the small business community. Surely the newly elected federal legislature will reverse this law, but until it does, you are on the line whether you operate a mom-and-pop oil company or a hair salon. Call your lawyer NOW.

See NSBAAdvocate.org/CTA for more information.

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