The Corporate Transparency Act: What Every Law Firm Owner Must Do Before December 31st (Ep. 90)

On this episode of The Lawyer Millionaire Podcast, Darren Wurz presents a comprehensive guide to the Corporate Transparency Act, an imperative piece of legislation designed to combat financial crimes. Law firms, particularly those structured as LLCs, partnerships, or sole proprietorships, must disclose beneficial ownership information to FinCEN. As a law firm owner, failing to comply with the Corporate Transparency Act (CTA) could result in severe legal and financial consequences. The clock is ticking, with a mandatory deadline looming on December 31st, 2024.

Darren outlines the exact information required, elucidates the filing process, and highlights the grave penalties for non-compliance. By addressing potential pitfalls and providing actionable advice, Darren ensures your law firm can navigate this federal mandate effectively.

Darren discusses:

• How to discover if your law firm meets the CTA’s reporting criteria.
• The beneficial ownership information that must be collected and disclosed.
• How to submit your report accurately and promptly via Fincen secure online portal.
• Effective ways of resolving disputes regarding beneficial ownership.
• How to protect your sensitive information when filing your report.

Resources:

• Schedule a Call with Darren
• Wurz Financial Services
• The Lawyer Millionaire: The Complete Guide for Attorneys on Maximizing Wealth, Minimizing Taxes, and Retiring with Confidence by Darren Wurz
• LinkedIn: Darren P. Wurz
• Website: Fincen