Jonathon Devase

The corporate transparency act was passed back in 2021.

Every entity will need to file with the Feds every year.

There's a ton of minutia, but I think the key takeaway is that failure to comply can result in civil and criminal penalties.

Civil penalties of $500/day up to $10,000 and criminal penalties up to 2 years in jail.

If you have real estate or other property in an LLC, then you are definitely going to want to seek legal counsel on this matter.

Will your attorney do the filing for you, or will it be up to you do the filing.

You don't want to get blindsided with a bill from the Feds for $10k and thrown in jail.

Stay ahead of the curve because this is something that is going to wreck plenty of small businesses.

**I am not licensed to give legal advice in the state of California

Happy 4th of July!

Be sure to celebrate and cherish the time spent with friends and family!