287 The Corporate Transparency Act Deadline: What Every Farmer Should Know
November 13, 2024 by Corinna
Have you filed your CTA report yet? (Do you even know what that means?) This is a fairly “new” (and unknown) legal requirement and I’m discovering that a lot of farm business owners have no idea about it. As a business, you may have to file a report, and you have until December 31, 2024, to do so (or face some big fines).
In this episode, I break down the Corporate Transparency Act and its implications for business owners, especially small farms. With insights from my lawyer Richard Chamberlain, we dive into the federal reporting requirements designed to identify your beneficial owners and prevent money laundering and fraud. Learn what your business needs to do to comply and avoid hefty penalties.
- What critical information must you report to the government by the fast-approaching deadline?
- Who exactly qualifies as a “beneficial owner,” and why does it matter?
- The surprising exemptions to the Corporate Transparency Act—could your business be off the hook?
- How you could face daily fines or even jail time for missing a simple filing.
- Can you file on your own, or is a lawyer necessary to navigate this new law?
Tune in to find out how this law impacts your business and the steps you need to take before December 31, 2024! Your homework is to TAKE CARE OF THIS by the end of the year! It only takes 10 minutes. Do it this week!
Hit play and let’s get started!
Meet my Lawyer: Richard Chamberlain.
Richard and his wife Kelly have been married for 30 years and they have 4 daughters and 1 granddaughter (so far). They enjoy spending time together going to the lake, boating, hanging out with their dogs, watching movies, and traveling.
- Listen to this episode on Stitcher.
- Listen to this episode on Apple Podcasts
- Listen to this episode on Google Play
- Listen to this episode on Spotify.
Podcast Sponsor:
This podcast was sponsored by Local Line, my preferred e-commerce platform for farmers. Are you looking for a new solution for your farm? I can’t recommend it enough. Easy to use inventory management, great customer service, continuous improvement, and a culture dedicated to equipping farmers with marketing expertise, Local Line should definitely be one of the e-commerce solutions you consider as you switch. Local Line is offering a free premium feature for free for one year on top of your paid subscription. Claim your discount by signing up for a Local Line account today and using the coupon code: MDF2024. Head to my special affiliate link to get started: www.mydigitalfarmer.com/localline
Some of the resources mentioned in this episode:
Financial Crimes Enforcement Network (FinCEN): www.Fincen.gov/boi
FAQs on Beneficial Owners – https://fincen.gov/boi-faqs
The Small Entity Compliance Guide: https://fincen.gov/boi/small-entity-compliance-guide
Create a FinCEN ID – https://fincenid.fincen.gov/landing
Where to file your BOI report – https://boiefiling.fincen.gov/
Join my free email list! I have a great “Crash Course in farm marketing” that will guide you through the marketing jungle over the course of several months. Each week, you’ll get a new email with suggestions and tips to make your marketing better. Subscribe at https://www.mydigitalfarmer.com/subscribe
Farm Marketing School – my monthly online marketing school membership just for farmers. Farm Marketing School is an on-demand library of marketing workshops and project plans that will help you build some of the most important parts of your marketing system: building a promotion calendar, setting up your Google Business Profile, auditing your sales funnel, updating your home page of your website, building your first email nurture sequence, acquiring and deploying testimonials, writing great weekly email promotions, nurture emails, onboarding emails, and practicing different types of offers. You get to chose what you want to study and build each month. These projects are designed to be completed in under 30 days, so that you slowly build your marketing system piece by piece. Use the step by step project planner and resource folder to help you jumpstart your work. Take advantage of my new marketing crash course inside or take the onboarding assessment tool to help you identify where your funnel is broken and what project to do first. To see what courses are currently inside of FMS, or to try out Farm Marketing School for a month at mydigitalfarmer.com/fms Start and cancel your membership anytime.
Subscribe and Review in Apple Podcast
I’d love for you to subscribe to my podcast! I don’t want you to miss an episode. Click here to subscribe in Apple Podcasts!
Now if you’re feeling extra loving, I would be really grateful if you left me a review over on Apple Podcast, too. Those reviews help other people find my podcast and they’re also fun for me to go in and read. Just click here to review, select “Ratings and Reviews” and “Write a Review” and let me know what your favorite part of the podcast is. Thank you!
My hope is to feature guests periodically on the show. If you know someone who is innovating in the area of marketing as a farmer, please send me an email at mydigitalfarmers@gmail.com.
Right click and save as to download this episode to your computer.